(Answered) Problemaverage accounts receivable accounts receivable

Accounting

Problem

Average Accounts Receivable, Accounts Receivable Turnover Ratio, Accounts Receivable Turnover in Days

Knowlton Company had net sales of $3,906,000. Knowlton had the following balances:

January 1 December 31

Accounts receivable $419,000 $398,100

Inventories 128,000 132,070

Required:

Note: Round answers to one decimal place.

1. Calculate the average accounts receivable.
2. Calculate the accounts receivable turnover ratio.
3. Calculate the accounts receivable turnover in days.

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