IceKreme’s net accounts receivable were $96,000 at June 30, 2019. Calculate IceKreme’s average collection period for fiscal year 2020. (Use 365 days a year. Round intermediate calculations to 2 decimal places. Round the final answer to 1 decimal place.) 3. IceKreme's net accounts receivable were $96,000 at June 30, 2019. Calculate IceKreme's average collection period for fiscal year2020. (Use 365 days a year. Round intermediate calculations to 2 decimal places. Round the final answer to 1 decimal place.)Average collection perioddays P6-6 Determining Bad Debt Expense Based on Aging Analysis and Interpreting Ratios LO6-4IceKreme Inc. makes ice cream machines for sale to ice cream parlours. The following events occurred between April 1 and June 30,2020:April 10: Received an order from Peter's Appliances, a wholesaler, for 34 machines.April 30: Sold 51 machines to Yuri Inc. on credit.May1:MayMayMayMay 15: Peter's Appliances returned two defective machines and paid the amount due.June1: Received $96,000 from Cheng Ltd. on account.June 30: Recovered $3,600 from the receivables that were written off on May 10.Additional information is as follows:IceKreme sold all machines at $6,000 per unit.All of IceKreme's sales were on credit with terms 2/10, n/30.IceKreme's records included the following items and their balances as at March 31, 2020:●The purchasing manager of Peter's Appliances visited IceKreme's factory and purchased 36 machines on credit,instead of the 34 machines that were previously ordered.5: Yuri Inc. paid for the machines purchased on April 30.7: Sold 20 machines to Cheng Ltd. on credit.10: Wrote off $15,000 of accounts receivable that were considered uncollectible. These receivables relate to salesmade prior to April 1, 2020.●Accounts receivableAllowance of doubtful accounts (credit balance)Net sales$ 72,00022,200720,000

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3. IceKreme's net accounts receivable were $96,000 at June 30, 2019. Calculate IceKreme's average collection period for fiscal year 2020. (Use 365 days a year. Round intermediate calculations to 2 decimal places. Round the final answer to 1 decimal place.) Average collection period days

3. IceKreme's net accounts receivable were $96,000 at June 30, 2019. Calculate IceKreme's average collection period for fiscal year 2020. (Use 365 days a year. Round intermediate calculations to 2 decimal places. Round the final answer to 1 decimal place.) Average collection period days

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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