Homework Answers
1.
Receivables turnover ratio:
= Net credit sales / Average accounts receivables
= 1,500,000 / 250,000
= 6
2.
| Total sales | 720,000 |
| Sales discount (18,500 + 1,850) | 14,850 |
| Sales returns (47,000 + 5,640) | 52,640 |
| Sales Allowances (27,000 + 3,600) | 30,600 |
| Net sales | 616,410 |
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