Universal Calendar Company began the year with accounts receivable and inventory balances of $100,000 and $80,000, respectively.

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Universal Calendar Company began the year with and inventory balances of $100,000 and $80,000, respectively. Year-end balances for these accounts were $120,000 and $60,000, respectively. Sales for the year of $600,000 generated a gross profit of $200,000. Calculate the receivables and s for the year.

Inventory Turnover Ratio
Inventory Turnover RatioThe inventory turnover ratio is a ratio of cost of goods sold to its average inventory. It is measured in times with respect to the cost of goods sold in a year normally. Inventory Turnover Ratio FormulaWhere,... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...

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Intermediate Accounting

ISBN: 9781259722660

9th Edition

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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Question Posted: Jun 24, 2013 07:24 AM

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Universal Calendar Company began the year with accounts receivable and inventory balances of $100,000 and $80,000, respectively.

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Receivables turnover ratio Net sales Average accounts ...View the full answer

Intermediate Accounting

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