Question
Albert Ltd sells goods on cash as well as credit. The following particulars are extracted from their books of account. Total Gross Sales $150,000 Cash
Albert Ltd sells goods on cash as well as credit. The following particulars are extracted from their books of account.
Total Gross Sales $150,000 Cash sales (included in above) $ 35,000 Accounts Receivable $ 15,000 Accounts Payable $ 10,000
Required: calculate (i) Accounts Receivable Turnover Ratio (ii) Average Collection period
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Computerized Accounting Using QuickBooks Pro 2020
Authors: Alvin A. Arens, D. Dewey Ward, Carol J. Borsum
6th Edition
0912503793, 9780912503790
