The following information is available for Newport Company and Jasper Incorporated at December 31:JasperIncorporated$ 111,000AccountsAccounts receivableAllowance for doubtful accountsSales revenueNewportCompany$ 86,00022,800632,000Accounts receivable turnoverAverage collection period24,800885,000Required:a. What is the accounts receivable turnover for each of the companies?Note: Round your answers to 1 decimal place.b. What is the average days to collect the receivables?Note: Use 365 days in a year. Do not round intermediate calculations. Round your answers to thenearest whole number.Newport Company Jasper Incorporatedtimestimesdaysdays

Accounts receivable are the money that is owed by the customer or buyer from the business who has…

The following information is available for Newport Company and Jasper Incorporated at December 31: Jasper Incorporated $ 111,000 24,800 885,000 Accounts Accounts receivable Allowance for doubtful accounts Sales revenue Newport Company $ 86,000 22,800 632,000 Required: a. What is the accounts receivable turnover for each of the companies? Note: Round your answers to 1 decimal place. b. What is the average days to collect the receivables? Note: Use 365 days in a year. Do not round intermediate calculations. Round your answers to the nearest whole number. Accounts receivable turnover Average collection period Newport Company Jasper Incorporated times times days days

The following information is available for Newport Company and Jasper Incorporated at December 31: Jasper Incorporated $ 111,000 24,800 885,000 Accounts Accounts receivable Allowance for doubtful accounts Sales revenue Newport Company $ 86,000 22,800 632,000 Required: a. What is the accounts receivable turnover for each of the companies? Note: Round your answers to 1 decimal place. b. What is the average days to collect the receivables? Note: Use 365 days in a year. Do not round intermediate calculations. Round your answers to the nearest whole number. Accounts receivable turnover Average collection period Newport Company Jasper Incorporated times times days days

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required:1. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31
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