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Verified questions

accounting

John Wiley and Sons, Inc. publishes books, periodicals, software, and other digital content. Its April 30, 2018, balance sheet reported the following amounts for accounts receivable ($thousands):

April 30,	2018	2017
Accounts receivable, net	$212,377	$188,679

Wiley's income statement provided the following detail of operating income ($ thousands):

\begin{array}{lrr} \text{ Year ended April 30 } & 2018 & 2017 \\ \text{ Revenue } & \$1,796,103 & \$1,718,530 \\ \quad \text{ Cost of Expenses } & & \\ \quad \text{ Cost of sales } & 485,220 & 460,756 \\ \quad \text{ Operating and administrative expenses } & 994,552 & 988,597 \\ \quad \text{ Restructuring and related charges } & 28,566 & 13,355 \\ \quad \text{ Amortization of intangibles } & 48,230 & 49,669 \\ \text{ Operating income } & \overline{\underline{\underline{\$\hspace{10pt}239,535}}} & \overline{\underline{\underline{\$\hspace{10pt}206,153}}} \end{array}

Wiley normally charges operating and administrative expenses for estimated doubtful accounts. The company provided the following supplemental information concerning doubtful accounts and returns in its footnotes ($thousands):

	Balance at Beginning of Period	Charged to Expenses and Other	Deductions from Reserves	Balance at End of Period
Year ended April 30, 2018
Allowance for sales returns	$24,300	$(3,486)	$ 2,186	$18,628
Allowance for doubtful accounts	7,186	5,439	2,518	10,107

Year ended April 30, 2017
Allowance for sales returns	19,861	53,482	49,043	24,300
Allowance for doubtful accounts	7,254	2,913	2,981	7,186

Net sales return reserves are reflected in the following accounts of the Consolidated Statements of Financial Position- increase (decrease):

April 30,	2018	2,017
Accounts receivable	$(28,302)	$(34,769)
Inventories	4,626	4,727
Royalties payable	(5,048)	(5,741)
Decrease in net assets	$(18,628)	$(24,300)

Calculate the accounts receivable turnover ratio and average collection period for 2018 using net accounts receivable.

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business math

Compute the number of shares that can be purchased in each case.

Amber wants to use her dividends to purchase more stock. She owns $1,376$ shares. The dividend is $\$1.72$ per share. How many shares of stock priced at $\$71.00$ can she purchase?