Calculate the accounts receivable turnover for both companies. (Round answers to 1 decimal place, eg. 12.5) Accounts receivable turnover Nike times adidas times
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- Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) Accounts receivable (gross) Accounts receivable (net) Allowance for doubtful accounts. Sales revenue Total current assets (a) 2022 $3,740 3,350 390 Answer each of the following questions. Accounts receivable turnover $4,670 4,350 320 35,490 37,990 7,174 7,268 2021 Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) The average collection period for 2022 times days-What is XYZ's current ratio on December 31, 2021? -What is XYZ's Accounts Receivables Turnover for 2021? (assume Accounts Receivable, net was $500,000 on December 31, 2020) -What is XYZ's Asset Turnover for 2021? (assume total assets were $14 million on December 31, 2020) Account Balance Data Debit Credit Cash 217,650 Accounts Receivable 545,000 Interest Receivable 1,200 Allowance for Doubtful Accounts 8,450 Merchandise Inventory 778,000 Prepaid Insurance 30,000 Notes Receivable Land 2,000,000 Office Building 4,000,000 Office Equipment 320,000 Store Building 9,000,000 Store Equipment 3,560,000 Accumulated Depreciation - office building and equipment 1,580,000 Accumulated Depreciation - store building and equipment 4,126,000 Goodwill 700,000Suppose the following information was taken from the 2025 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) Accounts receivable (gross) Accounts receivable (net) Allowance for doubtful accounts Sales revenue Total current assets (a) Answer each of the following questions. Accounts receivable turnover 2025 $3,720 Average collection period 3,350 370 36,575 7,190 2024 $4,640 4,350 290 39,075 Calculate the accounts receivable turnover and the average collection period for 2025 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) 7,252 times days
- Suppose the following information was taken from the 2025 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) Accounts receivable (gross) Accounts receivable (net) Allowance for doubtful accounts Sales revenue Total current assets Accounts receivable turnover 2025 Answer each of the following questions. Average collection period $ 3,650 3,400 250 eTextbook and Media 32,970 7,142 2024 $4,530 4,450 80 Calculate the accounts receivable turnover and the average collection period for 2025 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) 35,470 7,304 times days Is accounts receivable a material component of the company's total current assets?Suppose the amounts presented here are basic financial information (in millions) from the 2020 annual reports of Surf and Tide. Surf Tide Sales revenue $19,176.1 $10,381 Allowance for doubtful accounts, beginning 78.4 119 Allowance for doubtful accounts, ending 110.8 124 Accounts receivable balance (gross), beginning 2,873.7 1,743 Accounts receivable balance (gross), ending 2,994.7 1,553 Instructions a) Calculate the accounts receivable turnover and average collection period for both companies. My answer for (a) Surf Tide Net Accounts Receivable, beginning (Accounts receivable balance (gross), beginning-Allowance for doubtful accounts, beginning) (2,873.7-78.4) =2,795.3 (1,743-119) =1,624 Net Accounts Receivable, ending (Accounts receivable balance (gross), ending-Allowance for doubtful accounts, ending) (2994.7-110.8) =2,883.9 (1,553-124) =1,429 Average Net Accounts Receivable (Net Accounts Receivable, beginning+Net Accounts Receivable,…Cullumber, Inc. reported the following item in its balance sheet at December 31, 2022: Accounts receivable, net of $986 allowance $59678 Which statement is true? Cullumber’s customers owe $60664. During the year, customers charged $59678 on account. Cullumber expects its customers to pay $58692. The balance owed by customers is $59678.
- The financial data for A Company is the following: Balance sheet data (in $ millions) at 12/31 Accounts receivable Less: allowance for doubtful accounts Accounts receivable (net) Income statement data, year ending 12/31 Net sales (assume all on credit) Uncollectible accounts expense 2021 $ 500 150 350 2020 $ 450 140 310 $33,400 $21,500 100 110 1. Compute the accounts receivable turnover ratio for 2021 and 2020. 2. Wat amount of accounts receivable was collected in 2021? 3. How much was the write off of uncollectible accounts in 2021? 2019 $410 160 250 $19,200 95F. RST Company reported the following balances (after adjustments) 12/31/21 155,000 150,000 CREAT Total Accounts Receivable Net accounts receivable During 2021, the company wrote off customer accounts amounting to P4,500 and collected 1,000 on accounts written off in previous years. How much is the doubtful accounts expense for the year 2021. a. 7,000 b. 4,000 12/31/20 110,000 108,500 c. 5,000 d. 6,000Question 3 )At December 31, 2020, Datu Medical reported the following information on its statement of financial position Accounts Receivable $960,000 Less: Allowance for doubtful accounts $80,000 During 2020, the company had the following transactions related to receivables 1. Sales on account $4,300,000 2. Sales returns and allowances $100,000 $2,810,000 $90,000 3. Collections of accounts receivable 4. Write- offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written- off as uncollectible $31,000 Required: 1. Prepare the journal entries for each transaction. Assume that no cash discounts were taken on the collections of accounts receivable 2. Enter 1 January, 2020, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T- account), and determine the ending balances 3. Prepare the journal entry to record bad debt expense for 2020, assuming that an aging of accounts receivable indicates that…
- Teeter Company began 2022 with accounts receivable of $420,000 and an allowance for uncollectible accounts of $24,000 (credit balance) Bad debt expense for the year was $37,000 and the ending balance in the allowance for uncollectible accounts account was $15,000. What was the amount of accounts receivable written off during the year? A. $9,000 B. $429,000 C. $466,000 D. $46,000Yao Company reports the following in its 2021 annual report: Sales Accounts Receivable 2021 2020 2019 $2,650,000 $2,800,000 $2,500,000 $250,000 $240,000 $200,000 Answer the following question(s) by filling in the blanks. Do not include any symbols besides decimals in your answers (do not input commas). Formulas are provided after the questions. 1. Calculate the accounts receivable turnover for A. 2021. [1A] times B. 2020. [2A] times Accounts Receivable Turnover = Sales Revenue / Average Accounts Receivable [1A] = 11.52 x (/10.8+/) [1B] = 12.17 x (/12.7+/) 2. Calculate the average collection period for A. 2021. [2A] days B. 2020. [2B] days Average Collection Period Average Accounts Receivable / Average Daily Sales = 365/ Accounts Receivable Turnover = Yao Company reports the following in its 2021 annual report: Sales Accounts. Receivable C 2021 2020 2019 $2,650,000 $2,800,000 $2,500,000 $250,000 $240,000 $200,000 Answer the following question(s) by filling in the blanks. Do not include…1. What amount should be reported as doubtful accounts expense for 2019? Answer: 300,000 2. What amount should be reported as allowance for doubtful accounts on December 31, 2019? Answer: 110,000 3. What is the net realizable value of accounts receivable on December 31, 2019? Answer: 2,650,000 Please attach solutions on how to get the answers above. Thank you!