Question
The following data exists for Ivanhoe Company. 2022 2021 Accounts Receivable $85,000 $77,000 Net Sales 561,000 477,000 Calculate the accounts receivable turnover and the average
The following data exists for Ivanhoe Company.
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Accounts Receivable | $85,000 | $77,000 | |||
| Net Sales | 561,000 | 477,000 |
Calculate the accounts receivable turnover and the average collection period for accounts receivable in days for 2022. (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.)
| Accounts receivable turnover | times | ||
| Average collection period | days |
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The Board Of Directors And Audit Committee Guide To Fiduciary Responsibilities Ten Critical Steps To Protecting Yourself And Your Organization
Authors: Sheila Moran CPA CFE, Ronald Kral CPA CMA
1st Edition
0814431666, 978-0814431665
