Refer to the data in PE 6 17 Calculate the company 's average collection period PE 6 17 Using the following data, calculate the company 's accounts receivable turnover Accounts receivable balance, December 31 $ 54,000 Inventory balance, December 31 59,000 Sales revenue 520,000 Cost of goods sold 31...

Refer to the data in PE 6-17. Calculate the company's average collection period. PE 6-17 Using the

Question:

Refer to the data in PE 6-17. Calculate the company's average collection period.
PE 6-17
Using the following data, calculate the company's turnover.
Accounts receivable balance, December 31 . . . . . . . . . . . . . . . . . . . . . . . $ 54,000
Inventory balance, December 31 . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . 59,000
Sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 520,000
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310,000
Accounts receivable balance, January 1 . . . . . . . .. . . . . . . . . . . . . . . . . . . 46,000
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...