The following data are taken from the financial statements of Cullumber Company. 2022 2021Accounts receivable (net), end of year $ 587,000 $ 585,000Net sales on account 4,927,000 3,921,000Terms for all sales are 1/10, n/45 Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable was $554,500. (Round answers to 1 decimal place, e.g. 12.5.) 2022 2021Accounts receivable turnover Enter turnover in times rounded to 1 decimal place. times Enter turnover in times rounded to 1 decimal place. times Compute for each year the average collection period. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) 2022 2021Average collection period Enter the collection period in days rounded to 1 decimal place. days Enter the collection period in days rounded to 1 decimal place. days

Accounts receivable turnover = Net sales on account / Average Accounts receivable Average…

Answered: The following data are taken from the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 8PB: The following select financial statement information from Vortex Computing. Compute the accounts...

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The following data are taken from the financial statements of Cullumber Company.

	2022	2021
Accounts receivable (net), end of year	$ 587,000	$ 585,000
Net sales on account	4,927,000	3,921,000
Terms for all sales are 1/10, n/45

Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable was $554,500. (Round answers to 1 decimal place, e.g. 12.5.)

		2022		2021
Accounts receivable turnover		Enter turnover in times rounded to 1 decimal place.	times		Enter turnover in times rounded to 1 decimal place.	times

Compute for each year the average collection period. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)

		2022		2021
Average collection period		Enter the collection period in days rounded to 1 decimal place.	days		Enter the collection period in days rounded to 1 decimal place.	days

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