Average Accounts Receivable, Accounts Receivable Turnover Ratio, Accounts Receivable Turnover in Days
Calista Company had net sales of $432,000. Calista had the following balances:
| |
January 1 |
December 31 |
| Accounts receivable |
$ 82,500 |
$ 97,500 |
| Inventories |
113,000 |
103,000 |
Required:
Assume 365 days per year.
1. Calculate the average accounts receivable.
2. Calculate the accounts receivable turnover ratio. Round to one decimal place.
3. Calculate the accounts receivable turnover in days. Round to one decimal place.