QS 13-7 Computing accounts receivable turnover and days sales uncollected LO P3 Mifflin Co. reported...
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QS 13-7 Computing accounts receivable turnover and days sales uncollected LO P3
Mifflin Co. reported the following for the current year:
| Net sales | $ | 87,380 | |
| Cost of goods sold | $ | 57,000 | |
| Beginning balance in accounts receivable | $ | 17,800 | |
| Ending balance in accounts receivable | $ | 7,900 | |
Compute (a) accounts receivable turnover and (b) days sales uncollected. Hint: Recall that accounts receivable turnover uses average accounts receivable, and days sales uncollected uses the ending balance in accounts receivable.
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