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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.

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
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 27BEB: Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had...
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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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