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Compute bartletts year-ending balance for account receivable

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Reference no: EM13892279

You are trying to prepare financial statements for Bartlett Pickle Company, but seem to be missing its balance sheet. You have Bartlett's income statement, which shows sales last year were $420 million with a gross profit margin of 40 percent. You also know that credit sales equaled three-quarters of Bartlett's total revenues last year. In addition, Bartlett had a collection period of 55 days, a payables period of 40 days, and an inventory turnover of eight times based on the cost of goods sold. Calculate Bartlett's year-ending balance for accounts receivable, inventory, and accounts payable.

Reference no: EM13892279

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