Question
Britt Company Selected data from Britt Company's financial statements are provided below. 2012 2011 2010 Cash$22,000 $14,000 $7,000 Accounts receivable42,000 16,000 57,200 Inventory22,000 83,000 50,000
Britt Company
Selected data from Britt Company's financial statements are provided below.
2012
2011
2010
Cash$22,000
$14,000
$7,000
Accounts receivable42,000
16,000
57,200
Inventory22,000
83,000
50,000
Prepaid expenses23,000
18,000
20,800
Total current assets109,000
131,000
135,000
Total current liabilities$65,000
$72,000
Net credit sales221,000
326,000
Cost of goods sold168,000
299,000
Net cash flows from operating activities16,000
29,000
Refer to the selected financial data for Britt Company. Assume that competitors in Britt's industry have an average receivable turnover ratio of 7.8 times in 2012. Britt's receivable turnover ratio for 2012 is:
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Payroll Accounting 2018
Authors: Bernard J. Bieg, Judith Toland
28th edition
1337291056, 978-1337291057, 1337291137, 9781337291132, 9781337516686 , 978-1337291040
