Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In 2021 Bonita Co. had credit sales of $1740000 and sales returns and allowances related to these sales of $157000. Its comparative balance sheet

image text in transcribed

In 2021 Bonita Co. had credit sales of $1740000 and sales returns and allowances related to these sales of $157000. Its comparative balance sheet at December 31, 2021 showed the following: 2021 2020 Accounts receivable $758000 $675000 Less: Allowance for doubtful accounts 72000 66000 Carrying amount $686000 $609000 The company's average collection period for 2021 is (Round answers to O decimal places. Use 365 days for the calculation purpose.) O 142 days. O 150 days. O 150 days. O 165 days.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting Chapters 1-27

Authors: James A. Heintz, Robert W. Parry

22nd Edition

130566616X, 978-1305666160

More Books

Students also viewed these Accounting questions

Question

Write a paper on Health-Care Fraud

Answered: 1 week ago