Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Presented below is information for Ayayai Company. Beginning-of-the-year Accounts Receivable balance was $24,200. 1. 2. Net sales (all on account) for the year were $103,400.

Presented below is information for Ayayai Company. Beginning-of-the-year Accounts Receivable balance was $24,200. 1. 2. Net sales (all on account) for the year were $103,400. Ayayai does not offer cash discounts. 3. Collections on accounts receivable during the year were $90,700. Your answer is incorrect. Compute Ayayai's accounts receivable turnover and days to collect receivables for the year. The company does not believe it will have any bad debts. (Round answers to 2 decimal places, e.g. 4.57.) Accounts receivable turnover Days to collect accounts receivable 1.14 times 320 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

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

Cpa Financial Accounting Examination Preparation Guide

Authors: Azhar Ul Haque Sario

1st Edition

979-8223666547

More Books

Students also viewed these Accounting questions

Question

LO6 Describe how individual pay rates are set.

Answered: 1 week ago