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:

12/31/14 12/31/13 Current Assets: $115,000 $85,000 Accounts receivable

Assuming 360 days in a year, determine Adair€™s net credit sales for 2014.

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Financial Accounting The Impact on Decision Makers

ISBN: 978-1285182964

9th edition

Authors: Gary A. Porter, Curtis L. Norton

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Question Posted: Nov 08, 2018 06:57 AM

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

Question:

12/31/14 12/31/13 Current Assets: $115,000 $85,000 Accounts receivable

Step by Step Answer:

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

Financial Accounting The Impact on Decision Makers

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