136. Based on the following data and using a 365-day year, compute (a) the accounts receivable turnover and (b) the number of days' sales in receivables. The industry average is a collection period of once every 20 days, and the number of days' sales in receivables averages 25. (c) Comment on this situation.
12/31/11 Accounts Receivable, net$90,000
12/31/12 Accounts Receivable, net$70,000
137. Posner Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31, 2011:
CustomerAmount
J. Jackson$10,000
L. Stanton9,500
C. Barton13,100
S. Fenton2,400
Total$35,000
138.
Determine the due date and the amount of interest due at maturity on the following notes:
Date of NoteFace AmountInterest RateTerm of Note
(1)October 1$21,0008%60 days
(2)August 309,00010120 days
(3)May 3012,0001290 days
(4)March 615,000960 days
(5)May 239,0001060 days