The following information is available for Market, Incorporated and Supply. Incorporated at December 31. Market, Incorporated $ 56,200 2,248 606,960 Accounts receivable. Allowance for doubtful accounts Sales revenue Accounts Required a. What is the accounts receivable turnover for each of the companies? b. What is the average days to collect the receivables? c. Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company? Complete this question by entering your answers in the tabs below. Company Required A What is the accounts receivable turnover for each of the companies? (Round your answers to 1 decimal place.) Market Supply Required B Required C Supply, Incorporated $ 75,400 2,256 867,100 Accounts Receivable Turnover times times < Required A Required B >
The following information is available for Market, Incorporated and Supply. Incorporated at December 31. Market, Incorporated $ 56,200 2,248 606,960 Accounts receivable. Allowance for doubtful accounts Sales revenue Accounts Required a. What is the accounts receivable turnover for each of the companies? b. What is the average days to collect the receivables? c. Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company? Complete this question by entering your answers in the tabs below. Company Required A What is the accounts receivable turnover for each of the companies? (Round your answers to 1 decimal place.) Market Supply Required B Required C Supply, Incorporated $ 75,400 2,256 867,100 Accounts Receivable Turnover times times < Required A Required B >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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Transcribed Image Text:The following information is available for Market, Incorporated and Supply, Incorporated at December 31.
Market,
Incorporated
$ 56,200
Accounts receivable.
Allowance for doubtful accounts
Sales revenue
Accounts
Required
a. What is the accounts receivable turnover for each of the companies?
b. What is the average days to collect the receivables?
c. Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible
accounts for each company?
Company
Complete this question by entering your answers in the tabs below.
Market
Supply
2,248
606,960
Required A
What is the accounts receivable turnover for each of the companies? (Round your answers to 1 decimal place.)
Accounts Receivable
Turnover
Supply,
Incorporated
$ 75,400
2,256
867,100
Required B Required C
times
times
< Required A
Required B >
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