Refer to the data in PE 14-21. Calculate Pace Companys average collection period. Accounts receivable balance, December
Question:
Refer to the data in PE 14-21. Calculate Pace Company’s average collection period.
Accounts receivable balance, December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 60,000
Inventory balance, December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,000
Sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650,000
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,000
Accounts receivable balance, January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,000
Step by Step Answer:
The accounts receivable turnover of 116...View the full answer
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
