Question

Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to Accounts Receivable $1,785 6,016 599 Accounts Receivable $2,732 6,544 Walco Tartart Costet Net Sales $319,427 64,378 65,963 nes Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet (Do not round intermediate calculations. Enter your answers in millions. Round your "Average accounts receivable" and "Receivables turnover ratio answers to one decimal place.) Answer is not complete. Receivables Turnover Ratio Net sales Average accounts receivable Receivables urnover rabo 0 times Walco TarMart Costet times times Average Collection Period - Receivables tumover ratio Average collection period < Prev 7 of 11 Next > Type here to search Orte 9 AB

Answer 1

			Net Sales	"/"	Average accounts receivable			=	Receivables Turnover ratio
Walco		=	$ 319,427.00		$                                      2,258.50			=	141.4	times
Tarmart		=	$   64,878.00		$                                      6,280.00			=	10.3	times
CostGet		=	$   65,963.00		$                                         617.00			=	106.9	times
			365	"/"	Receivables Turnover ratio			=	Average collection period
Walco		=	365		141.4			=	2.6	days
Tarmart		=	365		10.3			=	35.3	days
CostGet		=	365		106.9			=	3.4	days