Tocksfor Company's general ledger included the following selected accounts (in thousands) at September 30, 2014: Accounts payable

Question:

Tocksfor Company's general ledger included the following selected accounts (in thousands) at September 30, 2014:
Accounts payable ....................................................... $1,077.3
Accounts receivable .................................................... 590.4
Accumulated depreciation-equipment ............................. 858.7
Allowance for doubtful accounts .................................... 35.4
Bad debt expense ...................................................... 91.3
Cash ..................................................................... 395.6
Cost of goods sold .................................................... 660.4
Equipment .............................................................. 1,732.8
Interest revenue .................................................... .... 19.7
Merchandise inventory ................................................ 630.9
Notes receivable-due May 15, 2015 .............................. 96.0
Notes receivable-due in 2018 ...................................... 191.1
Prepaid expenses and deposits ...................................... 20.1
Sales ..................................................................... 4,565.5
Sales discounts ......................................................... 31.3
Short-term investments ............................................... 194.9
Supplies .................................................... ............ 21.7
Unearned sales revenue .............................................. 56.3
Additional information:
1. On September 30, 2013, was $611.1 thousand and the Allowance for Doubtful Accounts was $36.6 thousand.
2. The receivables turnover was 8.3 the previous year.
Instructions
(a) Prepare the assets section of the balance sheet.
(b) Calculate the receivables turnover and average collection period. Compare these results with the previous year's results and comment on any trends.
TAKING IT FURTHER
What other information should Tocksfor consider when analyzing its receivables turnover and average collection period?
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...