Summit Corporation reported the following amounts on its 2021 and 2022 Accounting statements: 2022 2021 Accounts receivable $345,000 $290,000 Allowance for bad debts $18,000 $15,000 Net sales $1,850,000 $1,680,000 Cost of sales $1,225,000 $1,120,000 Compute the accounts receivable turnover for 2022.

Summit Corporation reported the following amounts on its 2021 and 2022 Accounting statements: 2022 2021 Accounts receivable $345,000 $290,000 Allowance for bad debts $18,000 $15,000 Net sales $1,850,000 $1,680,000 Cost of sales $1,225,000 $1,120,000 Compute the accounts receivable turnover for 2022.

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

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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Compute the account receivable turnover
Compute the accounts receivable turnover
Monthly average accounts receivable:480000, net sales on account:5750000
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