Suppose the amounts presented here are basic financial information (in millions) from the 2020 annual reports of Nik Nike adidas Sales revenue $22,752.8 $12.264 Allowance for doubtful accounts, beginning 79.8 111 Allowance for doubtful accounts, ending 115.4 133 Accounts receivable balance (gross), beginning 2,884.4 1,757 Accounts receivable balance (gross), ending 2,999.0 1,553 (a1) Calculate the accounts receivable turnover for both companies. (Round answers to 1 decimal place, e.g. 12.5.) Nike adidas Accounts receivable turnover times times eTextbook and Media Save for Later Attempts: 0 of 3 used
Q: Suppose the amounts presented here are basic financial information (in millions) from the 2020…
A: Accounts receivable turnover = Sales revenue/Average net accounts receivable
Q: The following selected accounts were taken from the financial records of Los Olivos Distributors at…
A: Compute the gross profit Sales $523,000 Less: Cost of goods sold ($384,300) Gross Profit…
Q: Suppose the amounts presented here are basic financial information (in millions) from the 2020…
A: Ratio analysis is a method of measuring the financial position of the organization with different…
Q: Mosaic’s Company balance sheet at December 31, 2018, reported the following: Accounts…
A:
Q: Zeta Company reported sales revenue of P4,600,000 in the income statement for the year ended…
A:
Q: Seed Enterprise gathered the following information from its accounting records for the year ended…
A: The net account receivables is calculated as gross account receivables minus allowance for…
Q: Mosaic’s Company balance sheet at December 31, 2018, reported the following: Accounts…
A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…
Q: On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:…
A: 1. Return on Assets Ratio - Return on assets ratio shows the income earned by the organization from…
Q: Asian Boss Corp. has the following data relating to accounts receivable for the year ended December…
A: Allowance for doubtful accounts means where account receivables are not going to recover in full and…
Q: Instructions a) Calculate the accounts receivable turnover and average collection period for both…
A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…
Q: On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:…
A: Profit Margin establishes the relationship between net income and net sales. It shows the percentage…
Q: The following selected accounts were taken from the financial records of Los Olivos Distributors at…
A: Definition: Working capital: The measure which evaluates the ability of a company to pay off the…
Q: The following information relates to Jhon Co.’s accounts receivable for 2020: Accounts receivable,…
A: Accounts receivable: It can be defined as the amount that is owed by the customers from the business…
Q: Mosaic’s Company balance sheet at December 31, 2018, reported the following: Accounts…
A: Formulas:
Q: Big Beautiful Photo Shop has asked you to determine whether the company's ability to pay current…
A: Ratio analysis: This is the quantitative analysis of financial statements of a business enterprise.…
Q: ABC Company has an allowance for uncollectible accounts balance of P34,000 at January 1, 2020.…
A:
Q: 0.On January 1, 2021, BNY Company had Accounts Receivable and Allowance for Uncollectible Accounts…
A: Carrying amount of Accounts Receivable = Gross value of accounts receivable - Allowance for…
Q: On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:…
A: Cash Sr. No. Debit ($) Sr. No. Credit ($) Opening 59000 Jan-01 19800 Jan-15 22300 Jan-04…
Q: For the next two (2) questions: Selected balances related to the accounts receivable of ABC Company…
A: >Account receivables are the balances of customers or borrowers who owe the business certain…
Q: On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:…
A: 1. Multi-Step Income Statement - Multi step income statement is the summary of revenue earned and…
Q: ABC Corporation began 2019 with an accounts receivable balance of $56,921. During 2019, ABC had…
A: The account receivables are also known with the name of debtors. These are the values due to a firm…
Q: On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:…
A: SOLUTION- CLOSING ENTRIES ARE MADE AT THE END OF THE ACCOUNTING PERIOD TO TRANSFER THE BALANCES OF…
Q: Suppose the following information was taken from the 2022 fınancial statements of FedEx Corporation,…
A: Account receivable turnover indicates the rate of collection of accounts receivable in a year.
Q: On January 1, 2021, Vee Company had Accounts Receivable and Allowance for Uncollectible Accounts of…
A: In the given question, the company had accounts receivable balance of P 4,650,000 on January 1, 2021…
Q: At December 1, 2025, a company's Accounts Receivable balance was $20500. During December, the…
A: Accounts receivable is an current asset.Since it will be realized in normal operating cycle.…
Q: Mosaic’s Company balance sheet at December 31, 2019, reported the following: Accounts…
A:
Q: The top part of Ramakrishnan, Inc.’s 2021 and 2020 balance sheets is listed below (in millions of…
A: Please see the white board for the understanding of the three ratios we have to calculate.
Q: On January 1, 2020, the ledger of Sheridan Luggage contains the following liability accounts…
A: Answer) Journal Date Account Titles and Explanation Debit Credit Jan'5 Cash…
Q: At 30 June 2018, Ruby Ltd had net accounts receivable of $180 000. At 30 June 2019 accounts…
A: Net sale=Sale-Discount =$1,800,000-$35,000=$1,765,000
Q: The following selected accounts were taken from the financial records of Los Olivos Distributors at…
A: Accounts Receivable turnover is computed by dividing the net credit sales by the average accounts…
Q: The following selected accounts were taken from the financial records of Los Olivos Distributors at…
A: Inventory turnover refers to the measure of number of times inventory is sold or used in a time…
Q: he December 31,2020 balance sheet of a company showed account receivable of 480,000 and an allowance…
A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…
Q: Use the following information from financial statements of Hamilton Inc. Information from Balance…
A: Cash is referred as the most liquid asset an organization or a company can have. It is considered to…
Q: ABC Inc. reported revenue of P1,980,000 in its income statement for the year ended December 31,…
A: Cash Accounting The cash basis of accounting states that only on account of cash inflow and outflow…
Q: h. Assume that accounts receivable at December 31, 2020, totaled $310 million. Calculate the number…
A: Accounts receivable: Accounts receivables refer to the amount of money due to the organization for…
Q: uppose the amounts presented here are basic financial information (in millions) from the 2020 annual…
A: Given that, Accounts recievables turnover = (Sales Revenue / Average net accounts recievable)…
Q: Taylor R incorporation reported the following balances after adjustment at the end of 2020 and 2019.…
A: The doubtful account expense refers to the amount that is expected to be uncollectible from the…
Q: Memphis Co. reported the following information for 2021: Sales revenue: $780,000 Interest revenue…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: The following selected accounts were taken from the financial records of Los Olivos Distributors at…
A:
Q: Teeter Company began 2022 with accounts receivable of $400,000 and an allowance for uncollectible…
A: Every business sells their products and services to customers. This sale is in the form of cash or…
Q: A company reports the following data relative to accounts receivable: Average accounts receivable of…
A: The accounts receivable turnover ratio is the ratio that measures the net credit sales as a multiple…
Q: Tosh and Sons Inc. uses the percentage of receivables approach to estimate its uncollectible…
A: Allowance for Doubtful Accounts: Allowance for doubtful accounts is determined as the reduction in…
Q: The balance sheet at the end of 2018 reported Accounts Receivable of $785,500 and Allowance for…
A: Sales: Sales is the operating revenue of the entity which the company earns on selling its goods or…
Q: On January 1, 2019, Jasmin Company had a credit balance of P260,000 in the allowance or…
A: Uncollectible accounts expense = Credit sales x 2%
Q: What is XYZ's current ratio on December 31, 2021? -What is XYZ's Accounts Receivables Turnover for…
A: The ratio analysis helps to analyse the financial statements of the business. Current ratio =…
Q: On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:…
A: Trail Balance - It is bookkeeping worksheet in which all ledger balance are complied into credit and…
Q: At January 1, 2020, Teal Inc. had accounts receivable of $73,000. At December 31, 2020, accounts…
A: January 1, 2020 accounts receivable = $73,000 December 31, 2020 accounts receivable = $54,000 Sales…
Q: Zeta Company reported sales revenue of P4,600,000 in the income statement for the year ended…
A: Formula: sales for the current year = sales revenue - Ending accounts receivable + Beginning…
Q: At December 31, 2021, Carla Vista Imports reported this information on its balance sheet. Accounts…
A: The question is based on the concept of Accounting Ratios.
Nike
|
adidas
|
|||
Sales revenue | $22,752.8 | $12,264 | ||
Allowance for doubtful accounts, beginning | 79.8 | 111 | ||
Allowance for doubtful accounts, ending | 115.4 | 133 | ||
2,884.4 | 1,757 | |||
Accounts receivable balance (gross), ending | 2,999.0 | 1,553 |
(a1)
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
- 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,…-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 700,000The following information (in millions) was taken from the December 31 financial statements Accounts receivable, gross Allowance for expected credit losses Accounts receivable, net Revenues Total current assets Total current liabilities 13) Calculate the current ratio for 2020 13) 2021 $ 1.102 28 1,074 14,477 3,426 3,120 2020 $ 1.080 26 1,054 13,819 3,102 3,274 2019 $ 1.241 28 1,213 14,917 2,830 4,287
- Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) 2022 2021 Accounts receivable (gross) $ 3,620 $ 4,540 Accounts receivable (net) 3,400 4,400 Allowance for doubtful accounts 220 140 Sales revenue 36,270 38,770 Total current assets 7,210 7,308 Answer each of the following questions. (a) 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.) Accounts receivable turnover times The average collection period for 2022 daysThe 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 95The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…
- Suppose the amounts presented here are basic financial information (in millions) from the 2025 annual reports of Nike and adidas. Sales revenue Allowance for doubtful accounts, beginning Allowance for doubtful accounts, ending Accounts receivable balance (gross), beginning Accounts receivable balance (gross), ending (a1) Your answer is incorrect. Nike adidas $17,791.2 €10,035.9 Accounts receivable turnover 86.0 110.0 2,866.0 2,978.0 Nike 117 times 136 Calculate the accounts receivable turnover for both companies. (Round answers to 1 decimal place, eg. 12.5) 1,814. 1,625 adidas times ollredThe following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) 2022 2021 Accounts receivable (gross) $ 3,770 $ 4,640 Accounts receivable (net) 3,400 4,400 Allowance for doubtful accounts 370 240 Sales revenue 35,600 38,100 Total current assets 7,184 7,250 Answer each of the following questions. (a) 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.) Accounts receivable turnover enter the accounts receivable turnover in times rounded to 1 decimal place times The average collection period for 2022 enter the average collection period for 2022 in days rounded to 1 decimal place days
- The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $156,000 0.5% 31 – 60 days outstanding 65,400 2.5% 61 – 90 days outstanding 40,000 4.0% 91 – 120 days outstanding 20,800 6.5% Over 120 days outstanding 5,100 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…Miller Company reported the following information in its 2020 financial statements ($ in millions): 2020 2019 Balance Sheet: Accounts receivable, net $ 2,448.4 $ 1,825.6 Income statement: Sales revenue $ 18,779.1 A note disclosed that the allowance for uncollectible accounts had a balance of $34.9 million and $33.7 million at the end of 2020 and 2019, respectively. Bad debt expense for 2020 was $24.0 million. Required: Determine the amount of cash collected from customers during 2020.The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.