Question
Contemporary Media Sign Company sells on account. Recently, Contemporary reported the following figures: 2013 2012 Net Credit Sales $ 572,000 $ 600,000 Receivables at end
Contemporary Media Sign Company sells on account. Recently, Contemporary reported the following figures:
2013 2012
Net Credit Sales $ 572,000 $ 600,000
Receivables at end of year 38,700 46,100
Requirements Compute Contemporarys days sales in receivables for 2013. (Round to the nearest day.)
Suppose Contemporarys normal credit terms for a sale on account are 2/10, net 30. How well does Contemporarys collection period compare to the companys credit terms? Is this good or bad for Contemporary?
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A Guide To Risk Based Internal Audit System In Banks
Authors: CA Shiva Chaudhari
1st Edition
1947498649, 978-1947498648
