Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At December 31, 2021, Nash Co. reported the following information on its balance sheet Accounts receivable Less: Allowance for doubtful accounts $ 950,000 78,000 During

image text in transcribed
image text in transcribed
At December 31, 2021, Nash Co. reported the following information on its balance sheet Accounts receivable Less: Allowance for doubtful accounts $ 950,000 78,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $ 3,650,000 2. 48,000 Sales returns and allowances Collections of accounts receivable 3. 2,800,000 4. Write-offs of accounts receivable deemed uncollectible 88,000 5. 28,000 Recovery of accounts previously written off as uncollectible 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, eg. 25.2.) Accounts receivable turnover ratio times Average collection period days

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accountability Ethics And Sustainability Of Organizations

Authors: Sandro Brunelli, Emiliano Di Carlo

3rd Edition

3030311929, 9783030311926

More Books

Students also viewed these Accounting questions