ACC 557 Week 6 Assignment 2 You Are an Entrepreneur ! ( 2 Paper )
receivable during 2014 were net credit sales of $ 1,000,000 , cash collections of $ 920,000 , and accounts written off of $ 30,000 . ............
a ) Compute the ending balance of accounts receivable . b ) Compute the accounts receivable turnover ratio for 2014 . c ) Compute the average collection period in days .
P8-7A : On January 1 , 2014 , Derek Company had Accounts Receivable $ 139,000 , Notes Receivable $ 30,000 , and Allowance for Doubtful Accounts $ 13,200 . The note receivable is from Kaye Noonan Company . It is a 4-month , 12 % note dated December 31 , 2013 . Derek Company prepares financial statements annually . During the year , the following selected transactions occurred . ............
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ACC 557 Week 6 Assignment 2 You Are an Entrepreneur ! ( 2 Paper )
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Student life does not generally afford a great deal of free time to pursue your personal interests ; however , at one point , you may have considered turning a personal interest or hobby into an official enterprise . Today , you have finally decided to turn that hobby into a