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Mulder Corporation's comparative balance sheets for year end at December 31, 2017 are presented below: Cash Accounts receivable Inventory Land 2017 2016 $10,300 $3,900 6,200 14,400 11,000 8,000 32,000 28,000 74,000 74,000 Buildings Accumulated depreciation - buildings (15,000) (12,000) Total Accounts payable $118,500 $116,300 $17,370 31,100 Common stock ($5 par) 60,000 60,000 Retained earnings 41,130 25,200 Total $118,500 $116,300 Mulder's 2017 income statement included net sales of $140,000, cost of goods sold of $80,000 and net income of $20,000. Compute the accounts receivable turnover and average collection period ratio for 2017.

Mulder Corporation's comparative balance sheets for year end at December 31, 2017 are presented below: Cash Accounts receivable Inventory Land 2017 2016 $10,300 $3,900 6,200 14,400 11,000 8,000 32,000 28,000 74,000 74,000 Buildings Accumulated depreciation - buildings (15,000) (12,000) Total Accounts payable $118,500 $116,300 $17,370 31,100 Common stock ($5 par) 60,000 60,000 Retained earnings 41,130 25,200 Total $118,500 $116,300 Mulder's 2017 income statement included net sales of $140,000, cost of goods sold of $80,000 and net income of $20,000. Compute the accounts receivable turnover and average collection period ratio for 2017.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 10MC
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Mulder Corporation's comparative balance sheets for year end at December 31, 2017 are presented below: Cash Accounts receivable Inventory Land 2017 2016 $10,300 $3,900 6,200 14,400 11,000 8,000 32,000 28,000 74,000 74,000 Buildings Accumulated depreciation - buildings (15,000) (12,000) Total Accounts payable $118,500 $116,300 $17,370 31,100 Common stock ($5 par) 60,000 60,000 Retained earnings 41,130 25,200 Total $118,500 $116,300 Mulder's 2017 income statement included net sales of $140,000, cost of goods sold of $80,000 and net income of $20,000. Compute the accounts receivable turnover and average collection period ratio for 2017.
Transcribed Image Text:Mulder Corporation's comparative balance sheets for year end at December 31, 2017 are presented below: Cash Accounts receivable Inventory Land 2017 2016 $10,300 $3,900 6,200 14,400 11,000 8,000 32,000 28,000 74,000 74,000 Buildings Accumulated depreciation - buildings (15,000) (12,000) Total Accounts payable $118,500 $116,300 $17,370 31,100 Common stock ($5 par) 60,000 60,000 Retained earnings 41,130 25,200 Total $118,500 $116,300 Mulder's 2017 income statement included net sales of $140,000, cost of goods sold of $80,000 and net income of $20,000. Compute the accounts receivable turnover and average collection period ratio for 2017.
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