Recent Posts • Latest Topics • Unanswered Questions

Phelps Piping Company manufactures PVC pipe. The company has provided the following selected ...

jtfortwengler

wrote...

Go to Answer

Posts: 160

Rep:

2 years ago

Phelps Piping Company manufactures PVC pipe. The company has provided the following selected ...

Phelps Piping Company manufactures PVC pipe. The company has provided the following selected financial information:

2020

2021

Accounts receivable	$ 70,000	$ 50,000
Inventory	90,000	70,000
Total current assets	220,000	250,000
Total assets	580,000	460,000
Current liabilities	40,000	30,000
Total liabilities	150,000	130,000
Net credit sales	300,000	360,000
Cost of goods sold	195,000	221,400
Net income	56,000	62,000

Required:

a.	What is Phelps' accounts receivable turnover for 2021?

b.	What is Phelps' gross margin percentage for 2021?

Textbook

Managerial Accounting

Edition: 4^th

Author: Davis

Read 59 times

1 Reply

Report

Replies

Answer verified by a subject expert

boomers1234

wrote...

Posts: 138

Rep:

2 years ago

More solutions for this book are available here

Report

Related Topics

jtfortwengler Author

wrote...

2 years ago

Smart ... Thanks!

smdavis

wrote...

Yesterday

Thanks

Smair87

wrote...

2 hours ago

Thanks

New Topic

Quick Reply

Explore

Post your homework questions and get free online help from our incredible volunteers

989 People Browsing

Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook

Related Images

326

368

350

Your Opinion

Previous poll results: How often do you eat-out per week?

Strange Ingredients Lurking in Doritos Chips

Bonobos, Chimpanzees, and the 98% DNA Link

It's sore throat season, why does my mucus have red spots?

Courses by Biology Forums

The Toxic Skin and Fungi Defense

Ready to ask a question on Biology Forums? Try it out

Join Our Community

Biology Forums - Study Force is a free online homework help service catered towards college and high school students. Get homework help and answers to your toughest questions in biology, chemistry, physics, mathematics, engineering, accounting, business, humanities, and more. Master your assignments quickly with thousands of step-by-step solutions to countless textbook questions asked and answered by our members. If we don't have your question, don't worry. You can ask any homework question and get expert homework help in as little as two hours.

Our extensive online study community is made up of college and high school students, teachers, professors, parents and subject enthusiasts who contribute to our vast collection of study resources: textbook solutions, study guides, practice tests, practice problems, lecture notes, equation sheets and more. With our help, your homework will never be the same!

Join for free today

How is Biology Forums - Study Force different than tutoring?

Home Search Q & A Board Gallery Resource Library Blog Dictionary Chat	Quick Links Start a Topic Latest Topics Unanswered Questions Courses Study Tools Browse by Textbook	Social Facebook YouTube Community Stats Who's Online Trending Staff	Help About Us Take the Tour Study Tips Posting Guidelines Terms and Policies Contact Us
Biology Forums - Study Force © 2010-2025 \| Powered by SMF \| SMF © 2015, Simple Machines \| Sitemap Biology-Forums.com is not affiliated with any publisher. Book covers, title and author names appear for reference only.