The following data are taken from the financial statements of Marcos Company: Item 2023 2022 Monthly Average Accounts Receivable $480,000 $625,000 Net Sales on Account $5,760,000 $6,250,000|| Terms for all sales are 1/10, n/30. Compute the Accounts Receivable Turnover and the Average Collection Period for both years.

Managerial Accounting: The Cornerstone of Business Decision-Making
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Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
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Chapter15: Financial Statement Analysis
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The following data are taken from the financial statements of Marcos
Company:
Item
2023
2022
Monthly Average Accounts Receivable $480,000 $625,000
Net Sales on Account
$5,760,000 $6,250,000||
Terms for all sales are 1/10, n/30.
Compute the Accounts Receivable Turnover and the Average Collection
Period for both years.
Transcribed Image Text:The following data are taken from the financial statements of Marcos Company: Item 2023 2022 Monthly Average Accounts Receivable $480,000 $625,000 Net Sales on Account $5,760,000 $6,250,000|| Terms for all sales are 1/10, n/30. Compute the Accounts Receivable Turnover and the Average Collection Period for both years.
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