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(Solution) - Financial statement data for years ending December 31 for Robinhood

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Financial statement data for years ending December 31 for Robinhood Company follows:
__________________________2016 ______________2015
Sales ........................... $7,906,000 ............. $6,726,000
Accounts receivable:
Beginning of year ............... 600,000 ................ 540,000
End of year ....................... 580,000 ............... 600,000
a. Determine the accounts receivable turnover for 2016 and 2015.
b. Determine the number of days' sales in receivables for 2016 and 2015. Use 365 days and round to one decimal place.
c. Does the change in accounts receivable turnover and the number of days' sales in receivables from 2015 to 2016 indicate a favorable or an unfavorable trend?

 







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