Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At December 31, 2021, Oriole Imports reported this information on its balance sheet. Accounts receivable $620.000 Less:Allowance for doubtful accounts 42,000 1. During 2022, the

image text in transcribed
image text in transcribed
At December 31, 2021, Oriole Imports reported this information on its balance sheet. Accounts receivable $620.000 Less:Allowance for doubtful accounts 42,000 1. During 2022, the company had the following transactions related to receivables. Sales on account $2,810,000 2. Sales returns and allowances 63.000 3. Collections of accounts receivable 2,510,000 Write-offs of accounts receivable deemed uncollectible 44,000 Recovery of bad debts previously written off as uncollectible 15,000 5. Compute the accounts receivable turnover. (Round answer to 1 decimal place, eg. 124.) Accounts receivable turnover 4,0 times e Textbook and Media List of Accounts X Your answer is incorrect. Compute the average collection period. (Round answer to 1 decimal place, e.g. 12.4. Use 365 days for calculation.) Average collection period 91.3 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

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, George Foster, Srikant M. Datar

8th Edition

0131810669, 978-0131810662

More Books

Students also viewed these Accounting questions

Question

What research interests does the faculty member have?

Answered: 1 week ago