Knowlton Company had net sales of $3,906,000. Knowlton had the following balances: January 1 December 31 Accounts receivable $419,000 $398,100 Inventories 128,000 132,070 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.

Knowlton Company had net sales of $3,906,000. Knowlton had the following balances: January 1 December 31 Accounts receivable $419,000 $398,100 Inventories 128,000 132,070 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 43E: Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required:...

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