Adair Corp. is concerned because the average time to collect its accounts receivable was 15 days longer

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Adair Corp. is concerned because the average time to collect its accounts receivable was 15 days longer than its normal credit terms of net 30. Adair reported the following in the Current Assets section of its comparative balance sheets:

Assuming 360 days in a year, determine Adair's net credit sales for 2016.

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Financial Accounting The Impact On Decision Makers

ISBN: 9781305793194

10th Edition

Authors: Gary A. Porter, Curtis L. Norton

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Question Posted: Jun 30, 2016 09:05 AM

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Adair Corp. is concerned because the average time to collect its accounts receivable was 15 days longer

Question:

12/31/16 12/31/15 Current Assets: Accounts receivable $115,000 $85,000

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The average time to collect accounts receivable is 30 ...View the full answer

Financial Accounting The Impact On Decision Makers

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