The following data exists for Crane Company.
Calculate the accounts receivable turnover and the average collection period for accounts receivable in days for 2022. (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.)
|Accounts receivable turnover||Enter the accounts receivable turnover in times||times|
|Average collection period||Enter the average collection period in days||days|
|Crane Company||Amount $||Note|
|Accounts Receivable- 2022||84,000.00||A|
|Accounts Receivable- 2021||78,000.00||B|
|Average Accounts Receivable||81,000.00||C=(A+B)/2|
|Net Sales for 2022||563,000.00||D|
|Accounts receivable turnover||7.00||E=D/C|
|(Net Sales/ Average Accounts Receivable)|
|Average collection period||52.10||F=365/E|
|(365/ Accounts receivable turnover)|
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