In 2014, Lauren Company has net credit sales of $1,480,000 for the year. It had a beginning

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In 2014, Lauren Company has net credit sales of $1,480,000 for the year. It had a beginning accounts receivable (net) balance of $112,000 and an ending accounts receivable (net) balance of $108,000. Compute Lauren Company's
(a) Accounts receivable turnover
(b) Average collection period in days.

Accounts Receivable
Accounts 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...
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Related Book For  book-img-for-question

Financial and managerial accounting

ISBN: 978-1118016114

1st edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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