Question

I need help with the last part... You need to open all three attachments though because they are all related (it's one big problem).

Answer 1

FORMULAS:
Receivables Turnover Ratio: Net Credit Sales/Average Accounts Receivable (Beginning Accounts Receivable + Ending Accounts Receivable / 2)

Average Collection Period: 365 / Receivable Turnover Ratio

Answer 2

I cannot open the files. See upload.

Answer 3

do the attachments work??????

Answer 4

Yes they do

Answer 5

can someone solve them? i have the formulas and everything but im getting the wrong answer. idk why.

Answer 6

@mariomintchev --> I can see the attachments. But, I don't have any knowledge of accounting.

Answer 7

:(

Answer 8

@.Sam.
@AccessDenied
@amistre64
@ghass1978
@JamesJ

I know you guys arent good at accounting but please attempt this

Answer 9

You should post this in the Finance group.

Answer 10

what is it you need help on?

Answer 11

the last 2 blanks in the last attachment (all 3 attachments are related though)
i have the formulas posted

Answer 12

ps. this is an accounting question not finance...plus this is the math group and this involves math so therefore its in the correct group

Answer 13

turnover looks like the average form first to last

Answer 14

half of; 607311 + ending balance account

Answer 15

since the rest of your entries are correct; run thru a t account of teh acct recv and see where the end ends up

Answer 16

869796
607311
-------
1477107/2

738553.5 maybe

Answer 17

365/ATR ..... gonna need a calculator for that one id assume

Answer 18

unless a read your formulas wrong

Answer 19

yeah i did it like that too....
what would i subtract 738,553.5 from though

Answer 20

ive tried 2,556,630 and 2,514,098

Answer 21

@amistre64 you there????

Answer 22

subtract? there is no place to subtract that in the formulas you gave.

Answer 23

what are your total credit sales?

Answer 24

i meant divide. my bad.

Answer 25

i need the numerator

Answer 26

the numerator is the net sales. what defines net sales?

Answer 27

money made - money lost.

Sales - (returns and allowance + anything else that made you give the money back)

Answer 28

i tried using using the sales on account and sales on account minus returns and allowances

Answer 29

do we subtract the bad debt from the accts recv ?

Answer 30

numbers above^^^^^

Answer 31

yeah, trying to flip thru 3 files that all look rather alike to me to hunt for numbers is not something that I am all that capable of keep straight ....

Answer 32

i have no idea about the bad debts. i think i tried doing that.

Answer 33

i think i tried subtracting it from the sales.

Answer 34

if u get something as the final answer for the first one, let me know so i can see if its right on my hw site. the second blank is a given since you just need the first one to solve it.

Answer 35

without being up to date on how to shuffle the accounts, theres not much else i can do that i havent already tried.

Answer 36

what did you get as a final answer?

Answer 37

If you are here use amistre's untitled attachment to see the blanks i need. i deleted mine because he combined the 3 i had into 1. use the formulas above to solve them.