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The following information is taken from the records of Ally Goods: 2022 2021 2020 Sales Sales returns and allowances $ 1,380,000 120,000 102,400 $ 1,100,000
The following information is taken from the records of Ally Goods: 2022 2021 2020 Sales Sales returns and allowances $ 1,380,000 120,000 102,400 $ 1,100,000 80,000 95,000 $ 905,000 55,000 88,500 Accounts receivable Allowance for doubtful accounts 16,400 15,000 12,200 Instructions a) Calculate the 2022 and 2021 accounts receivable turnover ratio and collection period. 2022 receivables turnover = (round answer to 2 decimal places) 2021 receivables turnover = (round answer to 2 decimal places) 2022 collection period = days (round answer to a whole number) 2021 collection period = days (round answer to a whole number)
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