Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please respond asap and ill make sure to leave a like! thank you! The following information is available for Market, Inc. and Supply, Inc. at

image text in transcribed
image text in transcribed
image text in transcribed please respond asap and ill make sure to leave a like! thank you!
The following information is available for Market, Inc. and Supply, Inc. at December 31: Account Accounts receivable Allowance for doubtful accounts Sales revenue Market, Inc. $ 59,200 3,148 636,960 Supply, Inc. $ 77,800 2,356 887,100 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 uncollectie 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 Accounts Accounts receivable Allowance for doubtful accounts Sales revenue Market, Inc. $ 59,200 3,148 636,960 Supply, Inc. $ 77,800 2,356 887,100 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 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 days Market Supply days 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 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

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

Step: 3

blur-text-image

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

New Markets Tax Credit IRS Audit Technique Guide

Authors: Internal Revenue Service

1st Edition

1304112896, 978-1304112897

More Books

Students also viewed these Accounting questions

Question

Make efficient use of your practice time?

Answered: 1 week ago