Don't use Ai and chatgpt.Answer in step by step with explanation. 2) The company also provide the following details: Totalcurrent assets $57,000; supplies $4,000; average collectionperiod 60.83 days; days' sales in inventory 97.33 days;sales 90,000; cost of goods sold 75,000. Calculate cashgiven the previous information.

Step 1: Calculate Accounts Receivable Accounts Receivable = (average collection period/365) *…

Answered: 2) The company also provide the…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 12P

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Construct the current assets section of the balance sheet from the following data. (Use cash as a plug figure after computing the other values.) Yearly sales (credit) $420,000 Inventory turnover 7 times Current liabilities $80,000 Current ratio 2 Average collection period 36 days Current assets: $ Cash ______ Accounts receivable ______ Inventory ______ Total current assets ______
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2) The company also provide the following details: Total current assets $57,000; supplies $4,000; average collection period 60.83 days; days' sales in inventory 97.33 days; sales 90,000; cost of goods sold 75,000. Calculate cash given the previous information.