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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