Hickory Hills Pro Shop had a balance in the Accounts Receivable account of $800,000 at the...
Hickory Hills Pro Shop had a balance in the Accounts Receivable account of $800,000 at the beginning of the year and a balance of $900,000 at the end of the year. Net credit sales during the year amounted to $8,040,000. The average collection period of the receivables in terms of days was 36.1 days. 37.2 days. 38.4 days. 4 days.
Homework Answers
Average collection period = 365 days / Accounts receivable turnover ratio
Accounts receivable turnover ratio = Net credit sales / average accounts receivable
Average accounts receivable = Beginning balance + ending balance / 2
Average accounts receivable = $800,000 + 900,000 / 2 = $850,000
Accounts receivable turnover ratio = $8,040,000 / 850,000 = 9.46 (ROUNDED OFF)
Average collection period = 365 days / 9.46 = 38.58 days
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Hickory Hills Pro Shop had a balance in the Accounts Receivable
account of $800,000 at the...
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Accounting study help
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Accounting study help
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