At the beginning of 2013, Gonzales Acosta&Ngo (GAN) had accounts receivable of $84,000. At the end of 2013, the company had accounts receivable of $72,000. During 2013, GAN had total sales of $1,100,000, all of which were credit sales. What was this company's average collection period for 2013? a. 15.49 times b. 14.10 times c. 17.19 times d. 23.6 days e. 25.9 days

At the beginning of 2013, Gonzales Acosta&Ngo (GAN) had accounts receivable of $84,000. At the end of 2013, the company had accounts receivable of $72,000. During 2013, GAN had total sales of $1,100,000, all of which were credit sales. What was this company's average collection period for 2013? a. 15.49 times b. 14.10 times c. 17.19 times d. 23.6 days e. 25.9 days

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EA: Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning...

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Utica Company's net accounts receivable was $250,000 at December 31, 2016, and $300,000 at December 31, 2017. Net cash sales for 2017 were $100,000. The accounts receivable turnover for 2017 was 5.0, What was Utica's total net sales for 2017?