Exercise 7-16A (Algo) Accounts receivable turnover and average days to collect accounts receivable LO 7-7

The following information is available for Market, Inc. and Supply, Inc. at December 31:

Accounts	Market, Inc.				Supply, Inc.
Accounts receivable		$	57,400			$	80,200
Allowance for doubtful accounts			3,148				2,356
Sales revenue			626,960				927,100

Required a. What is the accounts receivable turnover for each of the companies? b. What is the average days to collect the receivables? c. Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company?

Complete this question by entering your answers in the tabs below. Required A Required B Required c What is the accounts receivable turnover for each of the companies? (Round your answers to 1 decimal place.) Company Accounts Receivable Turnover times Market Supply times Complete this question by entering your answers in the tabs below. Required A Required B Required C What is the average days to collect the receivables? (Use 365 days in a year. Do not round intermediate calculations. Round your answers to the nearest whole number.) Company Average Collection Period Market days days Supply Complete this question by entering your answers in the tabs below. Required A Required B Required C Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company? (Round your percentage answers to nearest whole number.) Company Estimated Percentage of Uncollectible Accounts Market % Supply %