Homework Answers
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| Part a | ||||
| Sales | a | $ 850,000 | ||
| Average Accounts Receivable | b | ($160,000+$170,000)/2 | $ 165,000 | |
| Accounts Receivable Turnover | a/b | 5.15 | ||
| Part b | ||||
| Average Collection Period | 365 Days/5.15 | 71 | Days | |
| Part c | ||||
| Cost of Goods Sold | a | $ 550,000 | ||
| Average Inventory | b | ($175,000+$200,000)/2 | $ 187,500 | |
| Inventory Turnover | a/b | 2.93 | ||
| Part b | ||||
| Days in sale inventory | 365 Days/5.15 | 125 | Days | |
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Accounts Receivable and Inventory Ratios Ritter Company, whose current assets at December 31 are shown below,...
Accounts Receivable and Inventory Ratios Ritter Company, whose current assets at December 31 are shown below,...
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