Solved: At year-end simple has cash of 12000 current accounts, Accounting Basics

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At year-end simple has cash of 12000 current accounts

Question - At year-end, Simple has cash of $12,000, current accounts receivable of $60,000, merchandise inventory of $37,200, and prepaid expenses totaling $5,200. Liabilities of $24,000 must be paid next year. Assume accounts receivable had a beginning balance of $20,000 and net credit sales for the current year totaled $2,400,000. How many days did it take Simple to collect its average level of receivables?

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Accounting Basics: At year-end simple has cash of 12000 current accounts

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Accounting Basics: At year-end simple has cash of 12000 current accounts

Reference No:- TGS02912976

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