Question
Given the balance sheet for Seneca Maintenance Company,Also given: Sales $120,000 (80% Credit), Net Income $31,500 SENECA MAINTENANCE COMPANY Balance Sheet Cash $15,000 Accounts Payable
Given the balance sheet for Seneca Maintenance Company,Also given: Sales $120,000 (80% Credit), Net Income $31,500
SENECA MAINTENANCE COMPANY
Balance Sheet
Cash
$15,000
Accounts Payable
$21,000
Accts. Receivable
22,000
Notes Payable
20,000
Inventory
30,000
Accrued Expenses
5,000
Current Assets
67,000
Current Liabilities
46,000
Net Capital Assets
73,000
Long-term Debt
30,000
Shareholders' Equity
64,000
Total Assets
$140,000
Total Liabilities
$140,000
COMPUTE AVERAGE INVENTORY TURNOVER PERIOD
104 days
85 days
62 days
91 days
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Microeconomics
Authors: Glenn Hubbard, Anthony O'Brien
7th Edition
0134737504, 978-0134737508
