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Calculate the receivables turnover and collection period. (Remember that this is the end of the first year of business.) (Round answers to 1 decimal place,
Calculate the receivables turnover and collection period. (Remember that this is the end of the first year of business.) (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation.) Receivables turnover times Collection period days At the end of 2023 , Blossom Co. has an allowance for doubtful accounts of $30,000. On January 31,2024 , when it has accounts receivable of $550,000, Blossom Co. learns that its $5,000 receivable from Tokarik Inc. is not collectible. Management authorizes a write-off
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