financial statement data for years ending december 31 for chiro solutions company ar 546040
PE 8-6A Accounts receivable turnover and number of days’ sales in receivables
Financial statement data for years ending December 31 for Chiro-Solutions Company are shown below.
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financial statement data for years ending december 31 for chiro solutions company ar 546040
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|
2014 |
2013 |
|
|
Net sales |
$2,912,000 |
$2,958,000 |
|
Accounts receivable: |
||
|
Beginning of year |
300,000 |
280,000 |
|
End of year |
340,000 |
300,000 |
a. Determine the accounts receivable turnover for 2014 and 2013.
b. Determine the number of days’ sales in receivables for 2014 and 2013. Round to one decimal place.
c. Does the change in accounts receivable turnover and the number of days’ sales in receivables from 2013 to 2014 indicate a favorable or an unfavorable trend?
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