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Last year, Toby's Hats had net sales of $45,000,000 and cost of goods sold of $29,000,000. Toby's had the following balances: January 1 December 31 Accounts receivable $5,500,000 $6,500,000 Inventory 3,000,000 2,800,000

Last year, Toby's Hats had net sales of $45,000,000 and cost of goods sold of $29,000,000. Toby's had the following balances: January 1 December 31 Accounts receivable $5,500,000 $6,500,000 Inventory 3,000,000 2,800,000

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 27BEB: Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had...
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Last year, Toby's Hats had net sales of $45,000,000 and cost of goods sold of $29,000,000. Toby's had the following balances: January 1 December 31 Accounts receivable $5,500,000 $6,500,000 Inventory 3,000,000 2,800,000 Required: Note: Round answers to one decimal place. Assume 365 days per year. 1. Calculate the average accounts receivable. $
Transcribed Image Text:Last year, Toby's Hats had net sales of $45,000,000 and cost of goods sold of $29,000,000. Toby's had the following balances: January 1 December 31 Accounts receivable $5,500,000 $6,500,000 Inventory 3,000,000 2,800,000 Required: Note: Round answers to one decimal place. Assume 365 days per year. 1. Calculate the average accounts receivable. $
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