Skinner Co.'s accounts receivable balance as of December 31, 2019 was 1,200,000. Pertinent information regarding the company's
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Question:
Skinner Co.'s accounts receivable balance as of December 31, 2019 was ₱1,200,000. Pertinent information regarding the company's credit sales and accounts receivable in 2020 and 2021 is as follows:
2020 | 2021 | |
Accounts receivable, December 31 | $ 1,300,000 | $ 1,700,000 |
Credit sales | $ 22,500,000 | $ 21,600,000 |
Required
1. Calculate the accounts receivable turnover in 2020 and 2021.
2. Calculate for the average collection period in 2020 and 2021.
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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