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At December 31, 2013, Dustin Company reported this information on its balance sheet.
Accounts receivable $960,000 Less: Allowance for doubtful accounts 78,000
During 2014, the company had the following transactions related to receivables.
1. Sales on account$3,600,000 2. Sales returns and allowances 150,000 3. Collections of accounts receivable 3,100,000 4. Write-offs of accounts receivable deemed uncollectible 92,000 5. Recovery of bad debts previously written off as uncollectible 28,000
(d) Compute the accounts receivable turnover and average collection period.
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