Homework Answers
Answer- Ending balance of accounts receivable = Opening balance of accounts receivable+ Credit sales- Cash collections- Accounts written off
= $100000+$1200000-$1000000-$30000
= $270000
Answer- Accounts receivable turnover ratio = Net credit sales/Average accounts receivable
=$1200000/($100000+$270000)/2
= $1200000/$185000
= 6.49 times
Answer-Average collection period = 365 days/ Accounts receivable turnover ratio
= 365 days/6.49
= 56.2 days
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Company report net sales of $22.2 billion. Accounts
receivable (net) are $2.9 billion at the beginning of the year and
$3.02 billion at the end of the year.
Compute 3M’s accounts receivable turnover. (Round
answer to 1 decimal place, e.g. 12.5.)
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enter the accounts receivable turnover ratio in times rounded
to 1 decimal place
Compute 3M’s average collection period for accounts receivable
in days. (Round answer to 1 decimal...
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