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.
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 _____ times
Calculate 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
Homework Answers
average account receivable= (beginning balance + ending balance)
2
= $102,000+$118,000
2
= $110,000
average receivable turnover= credit sales
average account receivable
= $1,727,000
$110,000
= 15.7 times
average collection period= 365
accounts receivable turnover
= 365
15.7
= 23.24 days
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