The accounts receivable turnover ratio is calculated by dividing: total sales by ending gross accounts receivable....

     

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The accounts receivable turnover ratio is calculated by dividing: total sales by ending gross accounts receivable. O total sales by average gross accounts receivable. Onet credit sales by average net accounts receivable. Onet credit sales by average gross accounts receivable. An aging analysis of Cullumber Company's accounts receivable at December 31, 2020 and 2021, showed the following: Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days Total Estimated % Uncollectible 1% 7% 12% 40% Accounts Receivable 2021 $110,000 27,500 55,000 82,500 $275,000 2020 $135,000 67,500 40,500 27,000 $270,000 Additional information: 1. At December 31, 2020, the unadjusted balance in Allowance for Doubtful Accounts was a credit of $6,700. 2. In 2021, $27,400 of accounts was written off as uncollectible and $3,100 of accounts previously written off was collected. Prepare an aging schedule to calculate the estimated uncollectible accounts at December 31, 2020, and at December 31, 2021. 2020 Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days Total 2021 Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days Total Amount $135,000 67,500 40,500 27,000 $270,000 Amount $110,000 27,500 55,000 82,500 $275,000 % 1% 7% 12% 40% 19 7% 12% 40% Estimated Uncollectible: Estimated Uncollectible The accounts receivable turnover ratio is calculated by dividing: total sales by ending gross accounts receivable. O total sales by average gross accounts receivable. Onet credit sales by average net accounts receivable. Onet credit sales by average gross accounts receivable. An aging analysis of Cullumber Company's accounts receivable at December 31, 2020 and 2021, showed the following: Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days Total Estimated % Uncollectible 1% 7% 12% 40% Accounts Receivable 2021 $110,000 27,500 55,000 82,500 $275,000 2020 $135,000 67,500 40,500 27,000 $270,000 Additional information: 1. At December 31, 2020, the unadjusted balance in Allowance for Doubtful Accounts was a credit of $6,700. 2. In 2021, $27,400 of accounts was written off as uncollectible and $3,100 of accounts previously written off was collected. Prepare an aging schedule to calculate the estimated uncollectible accounts at December 31, 2020, and at December 31, 2021. 2020 Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days Total 2021 Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days Total Amount $135,000 67,500 40,500 27,000 $270,000 Amount $110,000 27,500 55,000 82,500 $275,000 % 1% 7% 12% 40% 19 7% 12% 40% Estimated Uncollectible: Estimated Uncollectible

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1 Accounts receivable turnover is a ratio of average accounts receivable for a period divi... View the full answer