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Required information Skip to question [ The following information applies to the questions displayed below. ] Perry Corporation is a local grocery store organized seven
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The following information applies to the questions displayed below.
Perry Corporation is a local grocery store organized seven years ago as a corporation. At that time, a total of shares of common stock were issued to the three organizers. The store is in an excellent location and sales have increased each year. At the end of the current year, the bookkeeper prepared the following statement assume that all amounts are correct; note the incorrect terminology and format:
PERRY CORPORATION
Profit and Loss
December current year
Account Titles Debit Credit
Sales $
Cost of goods sold $
Sales returns and allowances
Selling expense
Administrative and general expense
Bad debt expense
Sales discounts
Income tax expense
Net profit
Totals $ $
The beginning and ending balances in accounts receivable were $ and $ respectively. Compute the receivables turnover ratio.
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