How to find the turnover ratio and average collectable period.

At December 31, 2017, Marx Imports Inc. reported this information on its balance sheet. Accounts receivable $571,000 Less: Allowance for doubtful accounts 39,000 During 2018, the company had the following summary transactions related to receivables and sales. Marx uses the perpetual inventory system. 1 Sales on account amounted to $2,608,000. The cost of the inventory sold was $2,086,400. 2. Sales returns and allowances with a total sales price of $44,000 and a cost of $35,200 were restored to inventory. 3. Collections of accounts receivable were $2,300,000. 4. Write-offs of accounts receivable deemed uncollectible, $44,200. 5. Recovery of bad debts previously written off as uncollectible, $13,600. (a) (d) X Your answer is incorrect. Calculate the receivables turnover ratio and average collection period. (Round receivables turnover to 1 decimal place, e.g. 5.2. Round average collection period to nearest whole day, e.g. 15.) Receivables turnover ratio 4.0 times Average collection period 91 days e Textbook and Media List of Accounts Save for Later Attempts: 1 of 2 used Submit