Current Attempt in Progress At December 31, 2017, Hiroole Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts During 2018, the company had the following summary transactions related to receivables and sales. Hiroole uses the perpetual inventory system. 1. Sales on account amounted to $2,355,000. The cost of the inventory sold was $1,813,350. 2. 3. 4. $635,000 42,000 5. Sales returns and allowances a total sal price of $41,000 and a cost of $31,570 were restored to inventory. Collections of accounts receivable were $2,066,000. Write-offs of accounts receivable deemed uncollectible. $47,500. Recovery of bad debts previously written off as uncollectible. $14,900. (d) Calculate the receivables turnover ratio and average collection period. (Round receivables turnover to 1 decimal place, e.g. 5.2. Round average collection period to nearest whole day, e.g. 15.) Receivables turnover ratio Average collection period eTextbook and Media List of Accounts Save for Later times days Attempts: 0 of 2 used Submit Answer
