The collection period measures _____
a. the quality of accounts receivable
b. return on net worth
c. inventory turnover
d. order lead time
a
You might also like to view...
The following information is from the 2017 records of Robin Antique Shop
Accounts receivable, December 31, 2017 $44,000 (debit) Allowance for Bad Debts, December 31, 2017 prior to adjustment 1,100 (debit) Net credit sales for 2017 176,000 Accounts written off as uncollectible during 2017 11,000 Cash sales during 2017 27,000 Bad debts expense is estimated by the percent-of-sales method. Management estimates that 5% of net credit sales will be uncollectible. The ending balance of the Allowance for Bad Debts account after adjustment will be ________. A) $9,900 B) $9,050 C) $11,250 D) $7,700
Unearned Revenue is classified as a(n)
a. revenue account. b. expense account. c. liability account. d. contra revenue account. e. asset account.