Question

Note: Homework is graded on completion basis. Make sure you make a thorough effort on each question to ensure full points are earned. 1. Burger Brother's Sports includes in its trial balance for December 31 accounts receivable (one-line item) with a balance of $2,581,481. The schedule below is the detail of what is in the accounts receivable balance. $ Detall of accounts recelvable balance Due from regular customers S 1,650,453 Travel advances to employees 65,855 Advances to creditors for good ordered $ 275,610 Accounts receivable assigned as secuirty $ 350,000 forloans payable Notes receivable (balance includes interest) $ 129,563 Loan to affiliated company (subsidiary) S 110,000 Accounts Receivable $ 2,581,481 Required: Illustrate how these items should be shown in the balance sheet as of December 31. 2. Recent financial statements of Pillsbury Inc. report net sales of $7,585,650,000. Accounts receivable are $650,555,000 at the beginning of the year and $685,562,000 at the end of the year. Required: Compute Pillsbury's average collection period for accounts receivable in days.

Answer 1

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