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What is the accounts receivable turnover ratio and the ratio of allowance for uncollectible accounts to accounts receivable? On January 1. 2024, the general ledger

What is the accounts receivable turnover ratio and the ratio of allowance for uncollectible accounts to accounts receivable? image text in transcribed
On January 1. 2024, the general ledger of 30 Family Fireworks includes the following account balances: During January 2024, the following transactions occur: Jenuary 2 Provide meryicen to eastomern for canh, 538,100 . January 6 Provide nervices to cuntonerin on acepunt, $75,400. Jasuary. 15 Nrite off accounts tecelvable as uncollectible, $1,200. (Aasuse the eoepany useil the allowance method) Janunty 20 Pay eash for ealarien, 531, 700 . aanuary 22 Meceive ceeh on attount: receivable, 573,000 . January 25 Pay cesh on accounth payable, 55,100 . January 30 Pay canh for utiltied during January, $14,000. The following information is ayaliable on Jaruary 31, 2024. 3. The company estimntes future uncollectible accounts. The company determines 55,300 of accounts receivable on January 31 are past due, and 209 of these accounts are estimated to be uncollectible. The remaining accounts feceivable on January 31 are not past due, and 5% of these occounts are estimated to be uncollectible. (Hirte Use the January 31 accounts recelvable balance calculated in the general ledger to split total accounts receivable into the 55,300 past due and the remaining amount not past due) b. Supplies at the end of January total $8.50, All other supplies have been used. c. Accrued interest revenue on notes receivable for januafy. Interest is expected to be recelved each December 31. d. Unpaid salaries at the end of January are $33,800. Enter your Accounts feceiyable turnover yalue rounded to 1 decimal place and Ratio of Allowance for Uncoliectible Accounts as a percentage rounded to 1 decimal plack. Anatyoe how weli 30 Family Fifw works titarieges its tecelvahles (a) Calculais the recelvahises turnswer ratio for tive monit of danuary. (Hint For the numeritor, use fotal services provided to customers on acoount.) If the industry average of the recelvables turnover ratios for the morith of January is 4.1 times, is the company collecting cash

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