Using the following data from Kalel Corporation's financial statements, compute the receivable turnover and the days' sales
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Current Assets
Cash .................................... $ 35,000
Short-term investments .............. 85,000
Notes receivable ...................... 120,000
Accounts receivable, net ............ 100,000
Inventory .............................. 250,000
Prepaid assets ......................... 25,000
Total current assets ................... $615, 000
Current Liabilities
Notes payable .......................................... $150,000
Accounts payable .......................................... 75,000
Accrued liabilities ......................................... 10,000
Total current liabilities ................................. $235,000
Net sales .................................................. $800,000
Last period's accounts receivable, net ................ $90,000
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Related Book For
Principles of Accounting
ISBN: 978-0618736614
10th edition
Authors: Belverd Needles, Marian Powers, Susan Crosson
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