B. Last year, Nikkola Company had net sales of P2,299,500, and cost of goods sold of P1,755,000. Nikkola had the following balances: January 1 P142,650,000 December 31 Accounts Receivable P172,350,000 Inventories 54,374,200 62,625,800

calculate these (d)   Current ratio      :1 (e)   Accounts receivable turnover      times (f)   Average collection period      days

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I know in order to find the accounts receivables analysis you first divide sales by the average accounts receivables and the average accounts receivable is the Ending balance plus the beginning balance divided by 2. Now, in order to find the number of days receivables, you must divide average accounts receivable by average daily sales and the average daily sales is the sales divided by 365. I have computed this multiple times and each time it says I am incorrect.

Determine the adjusted balances of the following: 1. Accounts Receivable 2. Inventories 3. Sales 4. Cost of Sales 5. Effect of errors to net income

Which following statement is a correct statement about the direct write-off method for calculating credit loss expense? A. It is in accordance with GAAP. B. It uses an allowance for credit losses account. C. It tends to understate accounts receivable on the balance sheet. D. It recognizes credit loss expense when a specific account is determined to be uncollectible.

Which of the following statements is true regarding aging accounts receivable? Multiple Choice The aging method of estimating uncollectible accounts is based on the assumption that the longer an account receivable remains outstanding, the less likely it is to be collected. All of the statements are true. The aging of accounts receivable involves applying lower uncollectible percentage estimates to older receivables. An aging schedule is used to improve the estimate used in the percent of revenue method of determining the uncollectible accounts expense.

How to compute the account receivable Turnover without the net credit sales nor the average account receivables ??