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Geisel, Incorporated reported net sales revenue of $523,000 in 2021 and $618,000 in 2022. The company's ending net receivables were $125,000 at December 31, 2020
Geisel, Incorporated reported net sales revenue of $523,000 in 2021 and $618,000 in 2022. The company's ending net receivables were $125,000 at December 31, 2020 and $136,000 at December 31, 2021. At December 31, 2022, the company had Accounts Receivable of $145,000 and an unadjusted debit balance in its Allowance for Doubtful Accounts account of $1,800. The company reported Bad Debt Expense of $7,460 during 2022. Required: a. Determine the net receivables at December 31, 2022. b. Calculate the receivables turnover ratio for 2021 and 2022. c. Calculate the days to collect for 2021 and 2022
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