Answered: If Hot Corporation has a balance in…

Name: If Hot Corporation has a balance in account receivable of P80,000, tot
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: If Hot Corporation has a balance in account receivable of P80,000, total assets of P520,000, credit sales of P360,000, and current liabilities of P60,000. Assuming a 360-day year, what is the receivable turnover and average collection period, respect

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 12MC: South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales...

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

If Hot Corporation has a balance in account receivable of P80,000, total assets of P520,000, credit sales of P360,000, and current liabilities of P60,000. Assuming a 360-day year, what is the receivable turnover and average collection period, respectively?
a. 4.5; 80 d. 6.0; 60
b. 6.5; 55.38 e. 8.67; 41.38
c. 1.44; 250

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.

Similar questions