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explain how a new firms receivable balance is built up over time

 

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Related questions

Net credit sales for the month are $800,000. The accountsreceivable balance is $160,000. The allowance is calculated as 7.5%of the receivable balance using the percentage of receivable basis.If the Allowance for Doubtful Accounts has a credit balance of$5,000, before the adjustment, what is the balance after theadjustment? a. $12,000 b. $7,000 c. $17,000 d. $31,000

What are the two assertions for which confirmation of accountsreceivable balances provides primary evidence? Explain.

Presented here is basic financial information (in millions) fromthe 2006 annual reports of Green Co. and Brown Co.
(in millions) Green Co. Brown Co.
Sales $17,053.6 $10,116.0
Allowance for doubtful accounts, Jan. 1 79.5 94.1
Allowance for doubtful accounts, Dec. 31 79.4 131.9
Accounts receivable balance (gross), Jan. 1 2,643.4 1,509.8
Accounts receivable balance (gross), Dec. 31 2,930.5 1,890.8



Calculate the receivables turnover ratio and average collectionperiod for both companies.


Green Co. Brown Co.
Receivables turnover ratio times times
Average collection period days days

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