Homework Answers
Average accounts receivable = ( Beginning accounts receivable + Ending accounts receivable)/2
= ( 67,200+24,000)/2
= $45,600
Accounts receivable in days = 365 x (Average accounts receivable/sales)
= 365 x 45,600 /756,000
= 22 days
Fourth option is correct option.
Cost of land = Cost price + Property taxes arrears + Title and attorney fees
= 530,000+5,100+2,600
= $537,700
Fourth option is correct option.
Kindly comment if you need further assistance.
Thanks‼!
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uncollectible accounts, journalize the adjusting entry at December
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manually.)
Date
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