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Mickey Company reported the following figures: 2021 2020 RM572,000 RM600,000 Net Credit Sales Account receivables at end of year RM38,700 RM46,100 Required: 1) Compute
Mickey Company reported the following figures: 2021 2020 RM572,000 RM600,000 Net Credit Sales Account receivables at end of year RM38,700 RM46,100 Required: 1) Compute Mickey's collection period of receivables for 2021. (Round to the nearest day) 2) Suppose Mickey's normal credit terms for a sale on account are "2/10, n/30". How well does Mickey's collection period compare to the company's credit terms? Is this good or bad for Mickey Company?
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Financial Accounting
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
12th edition
134725980, 9780134726656 , 978-0134725987
