At December 31, 2024, Crane Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations: Accounts payable Accounts receivable Cash Cost of goods sold Interest receivable Interest revenue Account Merchandise inventory Notes receivable, due April 10, 2025 Prepaid insurance Sales Sales returns and allowances Short-term investments Unearned revenue (a) (b) (c) Receivables turnover Debit Collection period $686,000 39,200 1,715,000 1,100 318,500 44,100 7,840 98,000 49,000 Credit $343,000 2,200 3,596,600 Calculate the receivables turnover and collection period. (Remember that this is the end of the first year of business.) (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation.) 24,500 times days
At December 31, 2024, Crane Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations: Accounts payable Accounts receivable Cash Cost of goods sold Interest receivable Interest revenue Account Merchandise inventory Notes receivable, due April 10, 2025 Prepaid insurance Sales Sales returns and allowances Short-term investments Unearned revenue (a) (b) (c) Receivables turnover Debit Collection period $686,000 39,200 1,715,000 1,100 318,500 44,100 7,840 98,000 49,000 Credit $343,000 2,200 3,596,600 Calculate the receivables turnover and collection period. (Remember that this is the end of the first year of business.) (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation.) 24,500 times days
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...
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