Acc557 Financial Accounting: E8-14 Lashkova Company had accounts receivable
Acc557 Financial Accounting Exercise 8-14 Lashkova Company had accounts receivable of $100,000 on January 1, 2014. The only transactions that affected accounts receivable during 2014 were net credit sales of $1,000,000, cash collections of $920,000, and accounts written off of $30,000.
Instructions: a. Compute the ending balance of accounts receivable. b. Compute the accounts receivable turnover ratio for 2014. (Round answer to 2 decimal places, e.g. 2.50.) c. Compute the average collection period in days. (Round answer to 1 decimal place, e.g. 25.5.)