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Problem - Accounts Receivable Analysis
The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45.
20Y3
20Y2
20Y1
Accounts receivable, end of year
$725,000
$650,000
$600,000
Sales on account
5,637,500
4,687,500
Required -
a1. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover. Round to the nearest dollar and one decimal place.
a2. For 20Y2 and 20Y3, determine (2) the number of days' sales in receivables. Round to the nearest dollar and one decimal place.
b. What conclusions can be drawn from these data concerning accounts receivable and credit policies?
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