Question
Apricot Corporation reports the following for 2016: Accounts receivable Jan. 1 $100,000 Accounts receivable Dec. 31 $150,000 Inventory Jan. 1 $40,000 Inventory Dec. 31 $55,000
Apricot Corporation reports the following for 2016:
Accounts receivable Jan. 1 $100,000 Accounts receivable Dec. 31 $150,000 Inventory Jan. 1 $40,000 Inventory Dec. 31 $55,000 Net credit sales $800,000 Costs of goods sold $450,000
Compute: (a) accounts receivable turnover; (b) collection period; (c) inventory turnover; (d) age of inventory; and (e) operating cycle
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Auditing Principles Techniques And Practices
Authors: Mustaq Ahmad, Mohd Ashraf Ali
1st Edition
8184841949, 978-8184841947
