Lashkova Company had accounts receivable of $100,000 on January 1, 2014 The only transactions that affected accounts receivable during 2014 were net credit sales of $1,000,000, cash collections of $920,000, and accounts written off of $30,000 Instructions (a) Compute the ending balance of accounts ...

a Beginning accounts receivable 100000 Net ...

Lashkova Company had accounts receivable of $100,000 on January 1, 2014. The only transactions that affected accounts

Question:

Lashkova Company had of $100,000 on January 1, 2014. The only transactions that affected during 2014 were net credit sales of $1,000,000, cash collections of $920,000, and accounts written off of $30,000.

Instructions
(a) Compute the ending balance of Compute the turnover ratio for 2014.
(c) Compute the average collection period in days.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...