Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ouestion 14 fot 17) save & ext sub richards &a

Ouestion 14 fot 17) Save & Ext Sub Richards & James is a multinational corporation...

90.2K

Verified Solution

Question

Accounting

image
Ouestion 14 fot 17) Save & Ext Sub Richards & James is a multinational corporation that manufactures and markets many household products. Last year, sales for the company were $76,493 (all amounts in millions). The annual report did not disclose the amount of credit sales, so we will assume that 80 percent of sales were on credit. The average gross profit on sales was 46 percent Additional account balances were Ending Beginning Accounts receivable (net) Inventory 6,823 $5,736 6,306 $ 6,643 Required 1. Compute Richards&James receivable turnover ratio and its inventory turnover ratio. (Round intermediate calculations to the nearest whole dollar and your final answers to 2 decimal places.) Turnover Accounts receivable Inventory 2. How many days does it take for the Company to collect its accounts receivable and sell its inventory days in a year. Round your answers to 2 decimal places.) (Use 365 Days Accounts receivable Invertory

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students