QS 13-7 Computing accounts receivable turnover and days sales uncollected LO P3 Mifflin Co. reported...
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Accounting
QS 13-7 Computing accounts receivable turnover and days sales uncollected LO P3
Mifflin Co. reported the following for the current year:
Net sales
$
87,380
Cost of goods sold
$
57,000
Beginning balance in accounts receivable
$
17,800
Ending balance in accounts receivable
$
7,900
Compute (a) accounts receivable turnover and (b) days sales uncollected. Hint: Recall that accounts receivable turnover uses average accounts receivable, and days sales uncollected uses the ending balance in accounts receivable.
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