Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following information is available for Market, Incorporated and Supply, Incorporated at December 31: Accounts Accounts receivable Allowance for doubtful accounts Sales revenue Market, Incorporated
The following information is available for Market, Incorporated and Supply, Incorporated at December 31: Accounts Accounts receivable Allowance for doubtful accounts Sales revenue Market, Incorporated $ 56,800 2,648 666,960 Supply, Incorporated $ 79,600 2,256 897,100 Required: a. What is the accounts receivable turnover for each of the companies? b. What is the average days to collect the receivables? c. Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company? Complete this question by entering your answers in the tabs below. Required A Required B Required C What is the accounts receivable turnover for each of the companies? Note: Round your answers to 1 decimal place. Accounts Receivable Company Market Supply Turnover times times Required A Required B > The following Information is available for Market, Incorporated and Supply, Incorporated at December 31: Accounts Accounts receivable. Allowance for doubtful accounts Sales revenue Ded Required: Market, Incorporated $ 56,800 Supply, Incorporated $ 79,600 2,648 666,960 2,256 897,100. Dok ant a. What is the accounts receivable turnover for each of the companies? b. What is the average days to collect the receivables? c. Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company? Complete this question by entering your answers in the tabs below. Required A Required B Required C What is the average days to collect the receivables? Note: Use 365 days in a year. Do not round intermediate calculations. Round your answers to the nearest whole number. Company Market Average Collection Period days Supply days < Required A Required C > The following information is available for Market, Incorporated and Supply, Incorporated at December 31: Accounts Accounts receivable Allowance for doubtful accounts Market, Incorporated $ 56,800 2,648 666,960 Supply, Incorporated $ 79,600 2,256 897,100 Sales revenue Required: a. What is the accounts receivable turnover for each of the companies? b. What is the average days to collect the receivables? c. Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company? Complete this question by entering your answers in the tabs below. Required A Required B Required C Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company? Note: Round your percentage answers to nearest whole number. Estimated Percentage of Company Market Supply Uncollectible Accounts % %
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