Print by: KENYETTE WILLIAMS ACCT 2101-Sp18-20S 02-Section IA-Online-Crews / Home

Question

Print by: KENYETTE WILLIAMS ACCT 2101-Sp18-20S 02-Section IA-Online-Crews / Homework-Chapter & *Problem 8-8A Supose the amounts presented here are basic financial information (in millons) from the 2019 annusl reports of Nike and Adidas. Sales revenue Allowance for doubtful accounts, beginning Allowance for doubtful accounts, ending Accounts receivable balance (gross), beginning Accounts recelvable balance (gross), ending $20,971.6 $11,344.2 80 112 2,882 2,978 126 1,764 1,546 Calculiate the accounts receivable turnover for both companies (Round answers to 1 dectmal place, o.g.12.5 Accounts recelvable turnover Calculate the average collection period for both companies. (Round answers to 1 decimal plece e.g. 12.5. Use 365 days for calculation) Average collection period days days Question Attempts: O of S used

Explanation / Answer

Note :

Answer

Accounts receivable turnover = Sales / Average accounts recivable (net)

Average collection period = 365 days / Accounts receivable turnover

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