Leary corporation had net credit sales during the

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187.Leary Corporation had net credit sales during the year of $800,000 and cost of goodssold of $500,000. The balance in receivables at the beginning of the year was $120,000and at the end of the year was $180,000. What was the receivables turnover ratio?a.5.33b.6.67c.4.44d.3.33Ans: A, SO: 8, Bloom: AP, Difficulty: Medium, Min: 3, AACSB: Analytic, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC:Problem Solving, IMA: Business Economics8-37
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Test Bank for Financial Accounting: Tools for Business Decision Making, Fifth Edition188.Windsor Corporation sells its goods on terms of 2/10, n/30. It has a receivables turnoverratio of 9. What is its average collection period (days)?Problem Solving, IMA: Business Economics8-38
189.All of the following statements aretrueregarding the average collection periodexcept:Business Economics
190.In the table below the information for four companies is provided.CompanyReceivables turnoverAverage collection periodMartin13.926.3Lewis13.327.4Danforth10.435.1Garner14.525.2Industry Average13.028.1If Garner's net credit sales are $290,000, what are its average net receivables?
Problem Solving, IMA: Business Economics191.In the table below the information for four companies is provided.CompanyReceivables turnoverAverage collection periodMartin13.926.3Lewis13.327.4Danforth10.435.1Garner14.525.2Industry Average13.028.1Assuming all four companies are in the same industry, which company appears to havethegreatestlikelihood of paying its current obligations?a.Martinb.Lewisc.Danforthd.GarnerAns: D, SO: 8, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Analytic, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: ProblemSolving, IMA: Business Economics

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Term
Spring
Professor
Wasson
Tags
Accounting, AICPA FN, AICPA BB, Legal Regulatory Perspective, TF MC MC MC MC MC MC MC MC MC MC MC MC MC
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Financial Markets and Institutions
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Chapter 9 / Exercise 01
Financial Markets and Institutions
Madura
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