Chapter 13, Problem 4Q

Glendale Manufact has a profit margin

A business improves its gross profit margin from 20% to 22%. What was the gross profit if revenues of $1.5 million were made at the improved margin?

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Wing Apparel Store had a balance in the Accounts Receivable account of $420,000 at the beginning of the year and a balance of $460,000 at the end of the year. Net credit sales during the year amounted to $2,400,000. The average collection period of the receivables in terms of days was___. (Round your answer to nearest number)

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1. Consider two assets with the following returns: State Prob. of state R1 R2 1 2/3 .03 .05 2 1/3 .09 .02