Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following information was available for the year ended December 31, 2022: Net sales $ 985,500 Average accounts receivable for the year 24,300 Accounts receivable
The following information was available for the year ended December 31, 2022:
Net sales | $ 985,500 |
---|---|
Average accounts receivable for the year | 24,300 |
Accounts receivable at year-end | 158,350 |
Required:
- Calculate the accounts receivable turnover for 2022.
Note: Round your answer to 1 decimal place.
- Calculate the number of days' sales in accounts receivable for 2022, using year-end accounts receivable.
Note: Use 365 days a year. Round your answer to 1 decimal place.
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