Question 1 Not complete Marked out of 100 p Hug EUR Accounts Receivable Turnover and Average Collection Period Van Poole Corporation disclosed the following financial information (in millions) in its recent annual report: Net Sales Beginning Accounts Receivable (net) Ending Accounts Receivable (net) 2012 2013 588,096 $102,662 5,800 5,695 5,695 8.995 a. Calculate the accounts receivable turnover ratio for both years. (Round your answer to two decimal points.) b. Calculate the average collection period for both years. (Use 365 days for calculation. Round to the nearest whole number.) C. Is the company's accounts receivable management improving or deteriorating? 2012 a Accounts receivable turnover b. Average collection period c. The company's receivable management Credit Losses Based on Credit Sales Smith & Sons uses the allowance method of handling its credit losses. It estimates credit losses at one percent of credit sales, which were $2,800.000 during the year. On December 31, the Accounts Receivable balance was $500,000 and the Allowance for Doubtful Accounts had a credit balance of $50,400 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year. b. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear in the December 31 balance sheet. General journal Description Debit Credit To record allowance for credit losses b. (Do not use negative signs with your answers.) Current Assets