The following information is available for Market, Incorporated and Supply. Incorporated at December 31. Accounts Market, Incorporated $ 56,200 Accounts receivable. Allowance for doubtful accounts Sales revenue Required A Required a. What is the accounts receivable turnover for each of the companies? b. What is the average days to collect the receivables? c. Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectibles accounts for each company? Complete this question by entering your answers in the tabs below. Company Required B Required C Market Supply What is the accounts receivable turnover for each of the companies? (Round your answers to 1 decimal place.) Accounts Receivable. Turnover 2,248 606,960 times times Supply, Incorporated $ 75,400 2,256 867,100 Required A Required B >
The following information is available for Market, Incorporated and Supply. Incorporated at December 31. Accounts Market, Incorporated $ 56,200 Accounts receivable. Allowance for doubtful accounts Sales revenue Required A Required a. What is the accounts receivable turnover for each of the companies? b. What is the average days to collect the receivables? c. Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectibles accounts for each company? Complete this question by entering your answers in the tabs below. Company Required B Required C Market Supply What is the accounts receivable turnover for each of the companies? (Round your answers to 1 decimal place.) Accounts Receivable. Turnover 2,248 606,960 times times Supply, Incorporated $ 75,400 2,256 867,100 Required A Required B >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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The following information is available for Market, Incorporated and Supply, Incorporated at December 31.
Accounts
Market,
Incorporated
$ 56,200
Accounts receivable.
Allowance for doubtful accounts
Sales revenue
Required
a. What is the accounts receivable turnover for each of the companies?
b. What is the average days to collect the receivables?
c. Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible
accounts for each company?
Required A
Complete this question by entering your answers in the tabs below.
Company
2,248
606,960
Required B Required C
Market
Supply
Supply,
Incorporated
$ 75,400
2,256
867,100
What is the accounts receivable turnover for each of the companies? (Round your answers to 1 decimal place.)
Accounts Receivable.
Turnover
times
times
<Required A
Required B >
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