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.)
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