The financial statements of Crane report net credit sales of $1.8 million. Accounts receivable are $30,000 at the beginning of the year and $280,000 at the end of the year. Calculate Crane's accounts receivable turnover and average collection period for accounts receivable in days.

Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....
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The financial statements of Crane report net credit sales
of $1.8 million. Accounts receivable are $30,000 at the
beginning of the year and $280,000 at the end of the year.
Calculate Crane's accounts receivable turnover and
average collection period for accounts receivable in days.
Transcribed Image Text:The financial statements of Crane report net credit sales of $1.8 million. Accounts receivable are $30,000 at the beginning of the year and $280,000 at the end of the year. Calculate Crane's accounts receivable turnover and average collection period for accounts receivable in days.
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