Calculate the average accounts receivable calculate the

Question

Problem

Average Accounts Receivable, Accounts Receivable Turnover Ratio, Accounts Receivable Turnover in Days

Knowlton Company had net sales of $3,906,000. Knowlton had the following balances:

                                       January 1               December 31

Accounts receivable            $419,000                $398,100

Inventories                        128,000                  132,070

Required:

Note: Round answers to one decimal place.

1. Calculate the average accounts receivable.
2. Calculate the accounts receivable turnover ratio.
3. Calculate the accounts receivable turnover in days.