Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company has credit turnover of $10 million this year. 31.12.x1 this year, trade receivables were NOK 7.38 million. The company has seasonal operations so

A company has credit turnover of $10 million this year. 31.12.x1 this year, trade receivables were NOK 7.38 million. The company has seasonal operations so that 60% of credit sales take place in December, the other 40% is evenly distributed over the other months of the year. Accounts receivable 31.12.x0 was NOK 5.02 million. Normal credit period for credit sales is 30 days.

Task: Calculate the average credit time this year.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Wall Street Mba

Authors: Reuben Advani

2nd Edition

007178831X, 9780071788311

More Books

Students also viewed these Accounting questions

Question

c. What type of degree does it offer?

Answered: 1 week ago