Question

The following data exists for Crane Company. 2022 2021 Accounts Receivable $84,000 $78,000 Net Sales 563,000...

The following data exists for Crane Company.

2022 2021

Accounts Receivable

$84,000 $78,000

Net Sales

563,000 415,000


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

Homework Answers

Answer #1
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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