The Following Data Exist for Weaver Company

question 80

Essay

The following data exist for Weaver Company:

Calculate the receivables turnover and the average days' sales uncollected for 2014.(Round to 1 decimal point and even days,respectively. )

---

Definitions:

Look-Back Period

A period of time used to determine whether a business should make its Form 941 tax deposits on a monthly or semiweekly basis. The IRS defines this period as July 1 through June 30 of the year prior to the year in which Form 941 tax deposits will be made.

Form 941

A tax form used by employers to report federal withholdings from employee wages, including Social Security and Medicare taxes.

FUTA Tax Payable

A liability representing the federal unemployment tax that employers must pay on behalf of their employees to the IRS.

Payroll Tax Expense

The cost incurred by employers for taxes assessed on employee wages, including social security and medicare taxes.