data from keniston corporation's most recent balance sheet and income statement appear below: this year last year accounts receivable $ 128,000 $ 114,000 inventory $ 228,000 $ 193,000 sales on account $ 813,000 cost of goods sold $ 597,000 the average collection period for this year is closest to: (round your intermediate calculations to 2 decimal places.)

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13-12-2022
Business

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data from keniston corporation's most recent balance sheet and income statement appear below: this year last year accounts receivable $ 128,000 $ 114,000 inventory $ 228,000 $ 193,000 sales on account $ 813,000 cost of goods sold $ 597,000 the average collection period for this year is closest to: (round your intermediate calculations to 2 decimal places.)

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Bhuvangarg Bhuvangarg · Answer 1 · 2022-12-20T10:19:54+01:00

While allowing customers to make purchases with credit may result in an increase in sales, the company runs the risk of not receiving payment from those customers. Customers' credit terms, discount policies, and credit periods are all part of a company's credit policy.

The number of days it takes trade debtors to pay the reporting entity is used to calculate the average collection period. It is usable in performances.

This year's average collection period is 54.3 closest to average.

Sales on account Average accounts receivable balance = $813,000 $121,000 = 6.72 (rounded) Average collection period = 365 days Accounts receivable turnover = 365 days 6.72 = 54.3 days (rounded) Average accounts receivable balance = ($128,000 + $114,000) 2 = $121,000

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