Question
Accounts receivable analysis A company reports the following: Line Item Description Amount Sales $5,250,000 Average accounts receivable (net) 350,000 Determine (a) the accounts receivable turnover
Accounts receivable analysis
A company reports the following:
| Line Item Description | Amount |
|---|---|
| Sales | $5,250,000 |
| Average accounts receivable (net) | 350,000 |
Determine (a) the accounts receivable turnover and (b) the days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year.
| Line Item Description | Answer |
|---|---|
| a. Accounts receivable turnover | fill in the blank 1 |
| b. Days' sales in receivables | fill in the blank 2 days |
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Auditing Jane Doe
Authors: Michelle Cornish
1st Edition
1777418828, 978-1777418823
