Option - B 36.5 days.
A business has net sales of $80,000, a beginning balance in Accounts Receivable of $7,000, and...
In 2022, Blossom Company has net credit sales of $1,727,000 for the year. It had a beginning accounts receivable (net) balance of $102,000 and an ending accounts receivable (net) balance of $118,000.Compute Blossom Company’s accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.)Accounts receivable turnover _____ timesCalculate Blossom Company’s average collection period in days. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)Average collection period _____ days
In 2014, Wainwright Company has net credit sales of $1,300,000 for the year. It had a beginning accounts receivable (net) balance of $101,000 and an ending accounts receivable (net) balance of $107,000. Compute Wainwright Company's (a) accounts receivable turnover and (b) average collection period in days.
Granger Corporation had $191,000 in sales on account last year. The beginning accounts receivable balance was $22,000 and the ending accounts receivable balance was $32,000. The corporation's average collection period was closest to: (Round your intermediate calculations to 2 decimal places.) Multiple Choice 42.0 days 51.6 days 61.2 days 7.1 days
Sabby Inc. has net credit sales of $2.4 million. Its opening accounts receivable is $545,000 and its ending accounts receivable is $525,000. What is the average collection period? 1.O 81 days 02. O 82 days 03. O 83 days 04.80 days
Assume the following information for Marin Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $162,000 11,410 934,000 911,000 6,300 1,600 Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
Wildhorse Co. had a balance in the Accounts Receivable account of $768000 at the beginning of the year and a balance of $865000 at the end of the year. Net credit sales during the year amounted to $6532000. The average collection period of the accounts receivable in terms of days was 91.3 days. 35.0 days. 45.6 days. 48.0 days.
Assume the following information for Windsor Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $139,000 11,450 940,000 917,000 5,600 1,600 Uncollectible accounts are expected to be 9% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
The financial statements of Gervais Manufacturing Company report net sales of $400,000 and accounts receivable of $60,000 and $40,000 at the beginning and end of the year, respectively. What is the average collection period for accounts receivable in days? O A. 54.7 times O B. 45 times O C. 40 times O D.50 times
Assume the following information for Skysong Corp Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $151,000 11,370 932,000 918,000 5,600 2,100 Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable. ✓ Your answer is correct. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not...
Assume the following information for Skysong Corp. $151,000 Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) 11,370 Net credit sales 932,000 918,000 Collections Write-offs of accounts receivable 5,600 Collections of accounts previously written off 2,100 Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and...