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Based on Problem 2, what should be the age of Receivable in 2021? a.110 days b.120 days c. 30 days d. none of the above

Based on Problem 2, what should be the age of Receivable in 2021? a.110 days b.120 days c. 30 days d. none of the above

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Based on Problem 2, what should be the age of Receivable in 2021?
a.110 days
b.120 days
c. 30 days
d. none of the above
PROBLEM 2: The following selected data taken from the financial statements of Citizens, Inc. for the year indicated, amounts, all in Philippine peso: 2020 42,500 50,000 140,000 750,000 80,000 420,000 125,000 2019 2021 Accounts receivable, net 40,000 40,000 120,000 700,000 45,000 45,000 130,000 725,000 50,000 Inventory Current assets Total assets, net Current liabilities 70,000 400,000 120,000 Cash sales Credit sales (or sales sold on credit) Cost of goods sold Note: Use 360 days for 1 year. 450,000 131,250 345,000 310,000 324,000
Transcribed Image Text:PROBLEM 2: The following selected data taken from the financial statements of Citizens, Inc. for the year indicated, amounts, all in Philippine peso: 2020 42,500 50,000 140,000 750,000 80,000 420,000 125,000 2019 2021 Accounts receivable, net 40,000 40,000 120,000 700,000 45,000 45,000 130,000 725,000 50,000 Inventory Current assets Total assets, net Current liabilities 70,000 400,000 120,000 Cash sales Credit sales (or sales sold on credit) Cost of goods sold Note: Use 360 days for 1 year. 450,000 131,250 345,000 310,000 324,000
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