In 2021 Waterway Co. had credit sales of $1890000 and sales returns and allowances related to these sales of $152000. Its comparative balance sheet at December 31, 2021 showed the following: 2021 2020 Accounts receivable $827000 $671000 Less: Allowance for doubtful accounts 70000 70000 Carrying amount $757000 $601000 The company's average collection period for 2021 is (Round answers to 0 decimal places. Use 365 days for the calculation purpose.) O 130 days. O 143 days. O 145 days. O 157 days.

In 2021 Waterway Co. had credit sales of $1890000 and sales returns and allowances related to these sales of $152000. Its comparative balance sheet at December 31, 2021 showed the following: 2021 2020 Accounts receivable $827000 $671000 Less: Allowance for doubtful accounts 70000 70000 Carrying amount $757000 $601000 The company's average collection period for 2021 is (Round answers to 0 decimal places. Use 365 days for the calculation purpose.) O 130 days. O 143 days. O 145 days. O 157 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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