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Lashkova Company had accounts receivable of $100,000 on January 1, 2017. The only transactions that affected accounts receivable during 2017 were net credit sales of $1,000,000, cash collections of $920,000, and accounts written off of $30,000.
Instructions
problem (a) Compute the ending balance of accounts receivable.
problem (b) Compute the accounts receivable turnover ratio for 2017.
problem (c) Compute the average collection period in days.
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