Compute the turnover for the accounts receivable, Accounting Basics

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Compute the turnover for the accounts receivable

Sales for the year were $1,000,000, half of which were on credit. The average gross profit rate was 50 percent on sales. Account balances follow:

Beginning Ending
Accounts receivable (net) 45,000 60,000
Inventory 70,000 25,000

Required: Compute the turnover for the accounts receivable and inventory, the average age of receivables, and the average days' supply of inventory. Show work.

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Accounting Basics: Compute the turnover for the accounts receivable

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Accounting Basics: Compute the turnover for the accounts receivable

Reference No:- TGS0707507

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : What would you expect to be the total cost of providing room

Q : Discuss when this might be true and when it might not be

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Q : Compute the turnover for the accounts receivable

Q : What would their before tax profit need to be

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Compute the turnover for the accounts receivable

Reference No:- TGS0707507

Recent Questions Asked Accounting Basics

Q : What would you expect to be the total cost of providing room

Q : Discuss when this might be true and when it might not be

Q : Determine the administrative costs calculated to each

Q : Which of the pairs of numbers will yield the same number

Q : Compute the turnover for the accounts receivable

Q : What would their before tax profit need to be

Q : What would the predetermined overhead rate per direct labor

Q : Desirability of installing some new equipment

Q : What is the amount of the payments that ned winslow

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