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Rivers Company had accounts receivable of $150,000 on January 1, 2016. The only transactions that affected accounts receivable during 2016 were net credit sales of
Rivers Company had accounts receivable of $150,000 on January 1, 2016. The only transactions that affected accounts receivable during 2016 were net credit sales of $1,500,000, cash collections of $1,400,000, and accounts written off of $50,000. Instructions Compute the ending balance of accounts receivable. Compute the accounts receivable turnover for 2016. Compute the average collection period in days
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