Practice help b a. What is the accounts receivable turnover for each of the companies?b. What is the average days to collect the receivables?c. Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectibleaccounts for each company?Complete this question by entering your answers in the tabs below.Required ARequired BRequired CWhat is the average days to collect the receivables? (Use 365 days in a year. Do not round intermediate calculations. Roundyour answers to the nearest whole number.)CompanyAverage CollectionPeriod32 days30 daysMarketSupply The following information is available for Market, Inc. and Supply, Inc. at December 31:AccountsMarket, Inc.$ 58,0002,848656,960Supply, Inc.$ 77,200Accounts receivableAllowance for doubtful accounts2,656927,100Sales revenue

Market, Inc. Average Collection Period = 365 * Accounts Receivable / Sales Average Collection…

The following information is available for Market, Inc. and Supply, Inc. at December 31: Accounts Accounts receivable Allowance for doubtful accounts Sales revenue Market, Inc. $ 58,000 2,848 656,960 Supply, Inc. $ 77,200 2,656 927,100

The following information is available for Market, Inc. and Supply, Inc. at December 31: Accounts Accounts receivable Allowance for doubtful accounts Sales revenue Market, Inc. $ 58,000 2,848 656,960 Supply, Inc. $ 77,200 2,656 927,100

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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Question

Practice help b

a. What is the accounts receivable turnover for each of the companies?
b. What is the average days to collect the receivables?
c. Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible
accounts for each company?
Complete this question by entering your answers in the tabs below.
Required A
Required B
Required C
What is the average days to collect the receivables? (Use 365 days in a year. Do not round intermediate calculations. Round
your answers to the nearest whole number.)
Company
Average Collection
Period
32 days
30 days
Market
Supply

The following information is available for Market, Inc. and Supply, Inc. at December 31:
Accounts
Market, Inc.
$ 58,000
2,848
656,960
Supply, Inc.
$ 77,200
Accounts receivable
Allowance for doubtful accounts
2,656
927,100
Sales revenue

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