the financial statements of Johnny Company for the year indicated: 2010 2011 2012 Accounts receivable, net P
Fantastic news! We've Found the answer you've been seeking!
Question:
the financial statements of Johnny Company for the
year indicated:
| 2010 | 2011 | 2012 | |
| Accounts receivable, net | P 40,0 00 | P 42, 500 | P 45,0 00 |
| Inventory | 40,0 00 | 50, 000 | 45,0 00 |
| Current assets | 120, 000 | 140 ,00 0 | 130, 000 |
| Total assets, net | 700, 000 | 750 ,00 | 725, 000 |
| Current liabilities | 70,0 00 | 80, 000 | 50,0 00 |
| Cash sales | 400, 000 | 420 ,00 0 | 450,000 |
| Credit sales | 120, 000 | 125 ,00 0 | 131, 250 |
| ar. Cost of sales | 310, 000 | 324 ,00 0 | 345, 000 |
(Use 360 days in a year)
1. What should be the age of receivables for 2011?
2. What is the estimate number of days in inventory for 2010?
3. What is the working capital turnover for 2011?
4. At December 31, 2011, Johnny's current ratio was
Expert Answer:
1 The age of receivables for 2011 can be calculated using the formula Age of Receivables Acco... View the full answer
Related Book For 
Posted Date:
