(Answered): Last year, Dogwood Company had net sales of \$9,130,000 and cost of goods sold of \$4,812,000. D…

Last year, Dogwood Company had net sales of \$9,130,000 and cost of goods sold of \$4,812,000. Dogwood had the following balances:

 January 1 December 31 Accounts receivable \$725,000 \$775,000 Inventory 450,000 425,000

Required:

Note: Round answers to one decimal place. Assume 365 days per year.

1. Calculate the average accounts receivable.
\$

2. Calculate the accounts receivable turnover ratio.
times

3. Calculate the accounts receivable turnover in days.
days

1.Average AR=(Beginning AR_+Ending AR)/2

=(\$725000+\$775000)/2

=\$750,000.

2.AR turnover=Sales/Average AR

=(\$9,130,000/750,000)

=12.2 times(Approx).

3.Ar turnover in days=365/AR turnover

=365/12.1733(Approx)

=30 days(Approx).

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