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At December 31,2021, Kingbird, Inc. reported this information on its balance sheet. Accounts receivable...

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Accounting

At December 31,2021, Kingbird, Inc. reported this information on its balance sheet.
Accounts receivable
Less: Allowance for doubtful accounts
38,000
During 2022, the company had the following transactions related to receivables.
Sales on account
Sales returns and allowances
Collections of accounts receivable
Write-offs of accounts receivable deemed uncollectible
Recovery of accounts previously written off as uncollectible
$2,470,000
55,000
2,170,000
40,000
15,000
(d)
6 Your answer is incorrect.
Compute the accounts receivable turnover and average collection period, assuming the expected uncollectibles information
provided in (c).(Round answers to 1 decimal place, e.g.25.2. Use 365 days for calculation.)
Accounts receivable turnover
times
Average collection period
days
eTextbook and Media
List of Accounts
image

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