nuary 1, 2010 200,000 December 31, 2010 180,000 Green's accounts receivable turnover for 2010 was: Question 16 options: a) 2.2 times b) 26.0 times c) 27.4 times d) 28.9 times
nuary 1, 2010 200,000 December 31, 2010 180,000 Green's accounts receivable turnover for 2010 was: Question 16 options: a) 2.2 times b) 26.0 times c) 27.4 times d) 28.9 times
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 1P
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Question
Given the following information for the Green Company:
Net sales (all on account) $5,200,000
Interest expense 240,000
Income tax expense 280,000
Net income 420,000
Income tax rate 40%
Total assets:
January 1, 2010 $1,800,000
December 31, 2010 2,400,000
Stockholders' equity:
January 1, 2010 1,500,000
December 31, 2010 1,600,000
Current assets, December 31, 2010 700,000
Quick assets, December 31, 2010 400,000
Current liabilities, December 31, 2010 300,000
Net accounts receivable:
January 1, 2010 200,000
December 31, 2010 180,000
Green's accounts receivable turnover for 2010 was:
Net sales (all on account) $5,200,000
Interest expense 240,000
Income tax expense 280,000
Net income 420,000
Income tax rate 40%
Total assets:
January 1, 2010 $1,800,000
December 31, 2010 2,400,000
January 1, 2010 1,500,000
December 31, 2010 1,600,000
Current assets, December 31, 2010 700,000
Quick assets, December 31, 2010 400,000
Current liabilities, December 31, 2010 300,000
Net accounts receivable:
January 1, 2010 200,000
December 31, 2010 180,000
Green's accounts receivable turnover for 2010 was:
Question 16 options:
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