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Arada [10]
3 years ago
15

The following information is taken from Reagan Company's December 31 balance sheet:

Business
1 answer:
zimovet [89]3 years ago
8 0

Answer:

Firm’s sales uncollected for year is 42 days.

Explanation:

Account receivable turnover ratio = $621,000 / $70,422

Account receivable turnover ratio = 8.69

Thus, accounts receivable turnover ratio is 8.69

Average collection period = 365 / Account receivable turnover ratio

Average collection period = 365 days / 8.69

Average collection period = 42.00

Thus, firm’s sales uncollected for year is 42 days.

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6 0
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