On Dec. 31, 2008, Paff Company (see question 8) had accounts receivable of $290,000 and inventories of

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On Dec. 31, 2008, Paff Company (see question 8) had accounts receivable of $290,000 and inventories of $530,000. During 2008, net sales amounted to $2,500,000 and cost of goods sold was $750,000. Compute

(a) accounts receivable turnover,

(b) days’ sales uncollected,

(c) inventory turnover, and

(d) days’ sales in inventory.

AppendixLO1

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On Dec. 31, 2008, Paff Company (see question 8) had accounts receivable of $290,000 and inventories of

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Financial Accounting Information For Decisions

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