tailieunhanh - Using Accounting Information Exercises II

Mr. Mac Corporation has no material problem with uncollectible accounts or obsolete inventory. All sales and purchases are on account. The company provided the following information for the year ending 20X5: Total sales $ 1,560,000 Beginning accounts receivable 350,000 Total purchases of inventory 1,080,000 Beginning inventory 25,000 Collections on accounts receivable 1,440,000 Payments on accounts payable 925,000 Cost of goods sold 1,065,000 a) Calculate the “accounts receivable turnover ratio.” b) Calculate the “inventory turnover ratio.” c) If Mac’s competitors have a receivables turnover ratio of “7” and an inventory turnover ratio of “5,” would you initially conclude that Mac is better or worse than its competitors in managing receivables and. | Using Accounting Information Exercises II Larry M. Walther Christopher J. Skousen Download free books at bookboqncom Larry M. Walther Christopher J. Skousen Using Accounting Information Exercises II Download free ebooks at 2 Using Accounting Information Exercises II 2011 Larry M. Walther Christopher J. Skousen Ventus Publishing ApS. All material in this publication is copyrighted and the exclusive property of Larry M. Walther or his licensors all rights reserved . ISBN 978-87-7681-794-7 Download free ebooks at

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• Special Reporting Situations
• Dividend Rates
• Financial Reporting
• Characteristics
• Key Assumptions
• Cash Flows
• Accounting
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• Lecture Financial accounting
• Accounting information
• Management accounting
• Accounting standards
• Accounting equation
• Intermediate accounting
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• Accounting process
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• Accounting for non accounting students
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• Accounting rules
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