Given the information, give the following ratioa. Average Collection period Bruce CompanyAdjusted Trial BalanceDecember 31, 2020Cash60,000Notes Receivable250,000Office Supplies48,000Land300,000Building1,590,000Accumulated Depreciation - BuildingP 216,000EquipmentAccumulated Depreciation - EquipmentAccounts PayableТаx Payable2,150,000489,000550,00040,000Bruce, Capital, 1/1/2020Bruce, Withdrawal2,537,000500,000Consulting RevenuesSalaries Expense1,548,000400,000Advertising Expense50,000Miscellaneous Expense32,000P5,380,000P5,380,000

Formula: Average collection period = Notes receivable / [ Net sales / 365 ]

Answered: Given the information, give the…

Business

Accounting

Given the information, give the following ratio a. Average Collection period

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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