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Accounts receivable turnover is net credit sales divided by average accounts receivable. For McKeon, budgeted credit sales for 2011 are $350,000 and the average accounts receivable is $85,000 ($70,000 actual at the end of 2010 and $100,000 projected at the end of 2011). This gives us $350,000 ÷ $85,000 = 4.118.
This is sales divided by beginning accounts receivable ($70,000 as of May 31, 2010). Average balances of balance sheet items are used instead of beginning or ending balances whenever a ratio calculation is relating an income statement amount to a balance sheet amount. This average balance amount should be the average balance of the balance sheet item during the same period of time as the income statement amount covers. This makes the relationship of the two amounts meaningful. The average balance is usually calculated as the average of the beginning and ending balances of the period. Therefore, the average accounts receivable balance for 2011 is the average of the ending 2010 and the ending 2011 accounts receivable balances.
This is cost of goods sold divided by average accounts receivable. Accounts receivable turnover is net credit sales divided by average accounts receivable.
This answer uses the expected 2011 ending accounts receivable in the calculation instead of the average accounts receivable balance for 2011. Average balances of balance sheet items are used instead of beginning or ending balances whenever a ratio calculation is relating an income statement amount to a balance sheet amount. This average balance amount should be the average balance of the balance sheet item during the same period of time as the income statement amount covers. This makes the relationship of the two amounts meaningful. The average balance is usually calculated as the average of the beginning and ending balances of the period. Therefore, the average accounts receivable balance for 2011 is the average of the ending 2010 and the ending 2011 accounts receivable balances.