E8-2 (Algo) Determining Financial Statement Effects of Bad Debt Expense Estimates and Write-Offs [LO (82) Biechhorse Productions, Incorporated, used the aging of accounts recekable Method to estinate that its Alowance for Doubthil Accounts should be $22,350. The account had an unadjusted credit bslance of 511300 at that time The appropriate bad debt adjustment was recorded. b. Later, an account receivable for 52.300 was detecmined to be uncolect ble and was wiaten olt, Aequited: For each transsction listed obove, indicate the amount and direction (+ for inctesse or - for decresplef of effects on the financyl statement accounts and oh the overali accounting equation. (Enter any decreases to Assets, Liabilities, or Steckholders Equity with a minus slgn.) CP8-5 (Algo) Analyzing Allowance for Doubtful Accounts, Receivables Turnover Ratio, and Days to Collect [LO 84] Oxendine Corporation and Washington Manufacturing ate two of the largest and most successful toymakers in the world, in teems of the products they sell and their receivables management practices. To evaluate their ability to collect on credit sales. consider the following information reported in their annual reports (amounts in militons). Required: 1. Calculate the receivables turnover matios and doys to collect for Oxondine and Washington for 2018 and 2017. Tip: In your calculations, use averoge Accounts Recelvable, Net of Alowance 2-a. Which of the companies was quicker to convert its receivables into caith in 2018 ? 2.b. Which of the componles was quicker to convert its recelvobles into cash in 2017