Question

The following data exists for Ivanhoe Company. 2022 2021 Accounts Receivable $85,000 $77,000 Net Sales 561,000...

The following data exists for Ivanhoe Company.

2022 2021

Accounts Receivable

$85,000 $77,000

Net Sales

561,000 477,000


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 times
Average collection period days

Homework Answers

Answer #1

Note: Average collection period answer if intermediate values are are rounded to 1 decimal is 52.9 days

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