Adair Corp. is concerned because the average time to collect its accounts receivable was 15 days longer
Question:
Adair Corp. is concerned because the average time to collect its accounts receivable was 15 days longer than its normal credit terms of net 30. Adair reported the following in the Current Assets section of its comparative balance sheets:
.....................................................12/31/17 ..................12/31/16
Current Assets:
Accounts receivable .................$115,000................... $85,000
Assuming 360 days in a year, determine Adair's net credit sales for 2017.
Accounts ReceivableAccounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1337491471
10th edition
Authors: Gary A. Porter, Curtis L. Norton
Question Posted: