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The financial statements of the Melton Manufacturing Company reports net sales of $300,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days?
• 36.5
• 60.8
• 96.1
• 48.7
1. why should interested parties thoroughly review an organizations financial statements?2. why are
Would you answer in above question be different if the shareholder had also lent the subchapter S corporation cash in an amount in excess of the shareholders' allocable share of losses and deductions, and if so how?
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At December 1, 2010, Orear Company's Accounts Receivable balance was $1,200. During December, Orear had credit sales of $5,000 and collected accounts receivable of $4,000. At December 31, 2010, the Accounts Receivable balance is ??
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