In the table below the information for four companies is provided. Company Accounts Receivable turnover Average...
In the table below the information for four companies is provided.
|
Company |
Accounts Receivable turnover |
Average collection period |
|
Martin |
14.70 |
28.80 |
|
Lewis |
12.80 |
25.65 |
|
Danforth |
10.65 |
33.15 |
|
Garner |
13.30 |
27.80 |
|
Industry Average |
13.60 |
28.15 |
If Garner's net credit sales are $684950, what are its average net accounts receivable?
Homework Answers
Accounts receivable turnover ratio = (Net Credit sales / Average Accounts Receivable)
Average net accounts receivable = (Net Credit Sales / Accounts Receivable turnover ratio)
Garner net credit sales = $684,950
Garner accounts receivable turnover ratio = 13.3
Average net accounts receivable of Garner = ($684,950 / 13.3)
= $51,500
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