Chapter D, Problem 4DQ

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Ellison corporation total assets on December

Please solve for the Margin of Safety Ratio, highlighted in yellow.

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A company had net sales of $120,000 over the past year. 60% of the sales were credit sales. During that time, average receivables were $6,000. What was the average collection period? (Assume a 360-day year) a) 20 days b) 30 days c) 40 days d) 60 days e) 45 days MCQ

what is the cash flow cycle?

Assume that retained earnings increased by $62,850 from June 30 of year 1 to June 30 of year 2. A cash dividend of $13,500 was declared and paid during the year. Compute the net income for the year.

A company had net sales of $120,000 over the past year. 60% of the sales were credit sales. During that time, average receivables were $6,000. What was the average collection period? (Assume a 360-day year) a) 20 days b) 30 days c) 40 days d) 60 days e) 45 days