Lupo, Inc., has an average collection period of 52 days. Its average daily investment in receivables is $70,300. Assume 365 days per year. a. What is the receivables turnover? (Do not round intermediate calculations and round your answer to 4 decimal places, e.g., 32.1616.) b. What are annual credit sales? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Lupo, Inc., has an average collection period of 52 days. Its average daily investment in receivables is $70,300. Assume 365 days per year. a. What is the receivables turnover? (Do not round intermediate calculations and round your answer to 4 decimal places, e.g., 32.1616.) b. What are annual credit sales? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 10EA: Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning...
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Lupo, Inc., has an average collection period of 52 days. Its average daily investment in receivables is $70,300. Assume 365 days per year. |
a. | What is the receivables turnover? (Do not round intermediate calculations and round your answer to 4 decimal places, e.g., 32.1616.) |
b. | What are annual credit sales? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
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