1 - Based on the following data for the current year, what is the accounts recei

Question

1 -

Based on the following data for the current year, what is the accounts receivable turnover?

Select the correct answer.

2 - Mega Sales sells some of its used store fixtures. The acquisition cost of the fixtures is $13,409, the accumulated depreciation on these fixtures is $6,519 at the time of sale. The fixtures are sold for $4,253. Determine the amount of cash flows from investing activities on the statement of cash flows.

Select the correct answer.

$6,890

Net sales on account during year $549,908 Cost of merchandise sold during year 177,841 Accounts receivable, beginning of year 45,617 Accounts receivable, end of year 54,016 Inventory, beginning of year 89,651 Inventory, end of year 100,195

Explanation / Answer

1 accounts receivable turnover = sales/ average AR ie=549908/((45617+54016)/2) 11.03867193 option a 2 cash flow from sale= 4253 option c

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