Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Swifty Corporation had accounts receivable of $190,000 on January 1, 2020. The only transactions that affected accounts receivable during 2020 were net credit sales of
Swifty Corporation had accounts receivable of $190,000 on January 1, 2020. The only transactions that affected accounts receivable during 2020 were net credit sales of $3,010,000, cash collections of $2,940,000, and accounts written off of $20,000. Compute the ending balance of accounts receivable. Ending balance of accounts receivables LINK TO TEXT Compute the accounts receivable turnover for 2020. (Round answer to 0 decimal places, e.g. 25.) Accounts receivable turnover LINK TO TEXT Compute the average collection period in days. (Round answer to 1 decimal place, e.g. 2.5. Use 365 days for calculations.) Average collection period days Click if you would like to Show Work for this question: Open Show Work
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started