Using the following data, calculate Pace Companys accounts receivable turnover. Accounts receivable balance, December 31 . .
Question:
Using the following data, calculate Pace Company’s accounts receivable turnover.
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
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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Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain