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Use the following account information to find the average collection cycle for Rian Company. 2013 and 2014...

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Finance

Use the following account information to find the averagecollection cycle for Rian Company.

2013 and 2014 Selected Balance Sheet Accounts of RianCompany

12/31/14   12/31/13   Change
Accounts receivable   $37,603  $45,244   $7,641
Inventory $55,553   $58,906   $3,353
Accounts payable $26,028   $24,291   $1,737

Cash sales $324,000
Credit sales $639,000
Total sales $963,000
Cost of goods sold   $561,181

What is the average collection cycle for Rian? Company?  

? Days

  
  

Answer & Explanation Solved by verified expert
4.3 Ratings (667 Votes)
For calculating the average collection cycle we will first calculate the accounts receivable turnover Then will calculate the average collection cycle Accounts receivable    See Answer
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Transcribed Image Text

Use the following account information to find the averagecollection cycle for Rian Company.2013 and 2014 Selected Balance Sheet Accounts of RianCompany12/31/14   12/31/13   ChangeAccounts receivable   $37,603  $45,244   $7,641Inventory $55,553   $58,906   $3,353Accounts payable $26,028   $24,291   $1,737Cash sales $324,000Credit sales $639,000Total sales $963,000Cost of goods sold   $561,181What is the average collection cycle for Rian? Company?  ? Days    

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