The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 1.

Required
a. What is the accounts receivable turnover for each of the companies?
b. What is the average days to collect the receivables?
c. Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company?

Transcribed Image Text:

Accounts Accounts Receivable Allowance for Doubtful Accounts Sales Revenue Market, Inc. $ 56,200 2,248 606,960 Supply, Inc. $ 75,400 2,256 867,100