Reference no: EM132931152
At December 31, 2017, Page Imports Inc. reported this information on its balance sheet.
Accounts receivable $541,000
Less : Allowance for doubtful accounts $43,000
During 2018, the company had the following summary transactions related to receivables and sales. Page uses the perpetual inventory system.
1. Sales on account amounted to $2,460,000. The cost of the inventory sold was $2,140,200.
2. Sales returns and allowances with a total sales price of $42,000 and a cost of $36,540 were restored to inventory.
3. Collections of accounts receivable were $2,179,000.
4. Write-offs of accounts receivable deemed uncollectible, $47,500.
5. Recovery of bad debts previously written off as uncollectible, $13,800.
Problem 1: Calculate the
1.1. receivables turnover ratio
1.2. average collection period
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