Question
At the end of 2020, a company has: Cash $76,000, Net Accounts Receivable of $30,000, Net Accounts Payable of $27,000, Net Sales of $99,000. The
At the end of 2020, a company has:
Cash $76,000,
Net Accounts Receivable of $30,000,
Net Accounts Payable of $27,000,
Net Sales of $99,000.
The previous year’s Net Accounts Receivable was $36,000.
Compute:
(i). The Receivables turnover for 2020;
(ii). Average days’ Sales Uncollected; Assume 360 days in a year;
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Fundamental Accounting Principles
Authors: John J Wild, Ken Shaw
24th edition
1259916960, 978-1259916960
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