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Please answer and give a thorough explanation. Thank you so much :) Co had accounts receivable of $100,000 on Jan01, 2017. The only transactions that
Please answer and give a thorough explanation. Thank you so much :)
Co had accounts receivable of $100,000 on Jan01, 2017. The only transactions that affected iccounts receivable during the year were: net credit sales of $1,000,000, cash collections of 920,000 and accounts written off of $30,000. (a) Compute the ending balance of accounts receivable, (b) Compute the accounts receivable turnover for 2017. (c) Compute the average collection period in days. (a)Step by Step Solution
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