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The information below has been extracted from the financial statements of Gifts Pty Ltd. Sales Revenue (20% Cash Sales) Sales Returns Cost of sales Accounts Receivable 2018 $4,5000,000 316,000 3,580,000 316,000 The Accounts receivable balance for 2017 was 11% of Net Credit Sale for 2018.

The information below has been extracted from the financial statements of Gifts Pty Ltd. Sales Revenue (20% Cash Sales) Sales Returns Cost of sales Accounts Receivable 2018 $4,5000,000 316,000 3,580,000 316,000 The Accounts receivable balance for 2017 was 11% of Net Credit Sale for 2018.

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 43E: Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required:...
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The information below has been extracted from the financial statements of Gifts Pty Ltd. Sales Revenue (20% Cash Sales) Sales Returns Cost of sales Accounts Receivable 2018 $4,5000,000 316,000 3,580,000 316,000 The Accounts receivable balance for 2017 was 11% of Net Credit Sale for 2018. Required: A. Calculate the following for year 2018: 1. Receivable Turnover Ratio Accounts Receivable Turnover Ratio = Net credit sales/ Average Accounts Receivable. | 2. Average Collection Period (Ctrl) - I
Transcribed Image Text:The information below has been extracted from the financial statements of Gifts Pty Ltd. Sales Revenue (20% Cash Sales) Sales Returns Cost of sales Accounts Receivable 2018 $4,5000,000 316,000 3,580,000 316,000 The Accounts receivable balance for 2017 was 11% of Net Credit Sale for 2018. Required: A. Calculate the following for year 2018: 1. Receivable Turnover Ratio Accounts Receivable Turnover Ratio = Net credit sales/ Average Accounts Receivable. | 2. Average Collection Period (Ctrl) - I
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