Please need answer the general accounting question Ralston Company reports the following information for the 2011fiscal year:Sales on account $355,000, Accounts Receivable $90,000,Allowance for Doubtful Accounts $3,500.Determine the average number of days it takes Ralston tocollect its accounts receivable.A. 80.B. 85.C. 89.D. 98.

Step 1: Define Average Collection PeriodA period that tells about the competence of the business…

Answered: Ralston Company reports the following…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter18: The Management Of Accounts Receivable And Inventories

Section: Chapter Questions

Problem 9P

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Ralston Company reports the following information for the 2011 fiscal year: Sales on account $355,000, Accounts Receivable $90,000, Allowance for Doubtful Accounts $3,500. Determine the average number of days it takes Ralston to collect its accounts receivable. A. 80. B. 85. C. 89. D. 98.
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General Accounting Question Solve
At the beginning of 2009, Pental Company had the following balances: A/R = $122,000 Allowance for Uncollectible Accounts = $7,900 During 2009, their credit sales were $1,173,000 and collections on A/R were $1,150,000. The following additional transactions occurred during the year: Feb 17, wrote off XXX Account, $3.600 May 28, wrote off YYY Account, $2,400 Dec 15, wrote off ZZZ Account, $900 Dec 31, recorded bad debts expense assuming that Penman's policy is to record bad debts expense at 0.8% of credit sales (Hint: The allowance account is increased by 0.8% of credit sales regardless of write-offs.) Compute the ending balance in A/R and the allowance for uncollectible accounts. Show how Pental's Dec 31, 2009 balance sheet reports the two accounts.

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Ralston Company reports the following information for the 2011 fiscal year: Sales on account $355,000, Accounts Receivable $90,000, Allowance for Doubtful Accounts $3,500. Determine the average number of days it takes Ralston to collect its accounts receivable. A. 80. B. 85. C. 89. D. 98.