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At December 31, 2021, Blossom Co.reported the following information on its balance sheet. Accounts receivable $951,300 Less: Allowance for doubtful accounts 78,500 During 2022, the
At December 31, 2021, Blossom Co.reported the following information on its balance sheet. Accounts receivable $951,300 Less: Allowance for doubtful accounts 78,500 During 2022, the company had the following transactions related to receivables. 1. Sales on account $3,667,200 2. Sales returns and allowances 49,300 3. Collections of accounts receivable 2,819,700 4. Write-offs of accounts receivable deemed uncollectible 90,400 5. Recovery of accounts previously written off as uncollectible 28,000 Compute the accounts receivable turnover and average collection period for 2022. (Round accounts receivable turnover to 2 decimal places, e.g. 25.25 and average collection period to 1 decimal place, e.g. 25.2.) Accounts receivable turnover ratio | times Average collection period days
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