Brief Exercise 8-10 (Part Level Submission)

During its first year of operations, Kingbird, Inc. had credit sales of $3,000,300, of which $401,500 remained uncollected at year-end. The credit manager estimates that $18,830 of these receivables will become uncollectible.

(b)

Prepare the current assets section of the balance sheet for Kingbird, Inc., assuming that in addition to the receivables it has cash of $89,840, merchandise inventory of $165,430, and supplies of $11,750. (List current assets in order of liquidity)

(c1) Calculate the accounts receivable turnover. Assume that average net accounts receivable were $313,000. (Round answers to 1 decimal place, e.g. 12.5.) Accounts receivable turnover ratio Entry field with incorrect answer now contains modified data ___ times.

Kingbird, Inc. Balance Sheet (partial) Year Ended Current Assets Cash Accounts Receivables Less: Allowence for Doubtful Accounts Merchandise inventory Supplies Total Current Assets $ 89,840 $ 401,500 $ 18,830 382,670 $ 165,430 $ 11,750 S 649,690