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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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Refer to the following selected financial information from Texas Electronics. Compute the company's accounts receivable turnover for Year 2.
Cash
Short-term investments
Accounts receivable, net
Merchandise inventory
Prepaid expenses
Plant assets
Accounts payable
Net sales
Cost of goods sold
Year 2
$ 39,100
106,000
93,500
129,000
13,700
396,000
105,400
719,000
398,000
Year 1
$ 33,850
68,000
87,500
133,000
11,300
346,000
115,800
684,000
383,000

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