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The following balance sheet information was provided by Southern Company: Assets 2,016 2,015 Cash 4,000 2,000 Accounts receivable 20,000 15,000 Allowace for double accounts (5,000)
The following balance sheet information was provided by Southern Company:
Assets | 2,016 | 2,015 | ||
Cash | 4,000 | 2,000 | ||
Accounts receivable | 20,000 | 15,000 | ||
Allowace for double accounts | (5,000) | (3,000) | ||
Inventory | 35,000 | 38,000 |
Required:
Assuming 2016 net credit sales totaled $270,000, what was the company's average days to collect receivables in 2016? What was the accounts receivable turnover in 2016. (Use 365 days in a year.)
Please show your work, showing formulas , results
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