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What is the average amount of receivables

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Q1. ABC Company sells on terms 3/10, net 30. Total sales for the year are P900,000. Forty percent of the customers pay on the tenth day and take discounts; the other 60 percent pay, on average, 45 days after their purchases. What is the average amount of receivables?

Q2. ABC Company has an accounts receivable turnover ratio of 3.0. What is the firm's average collection period? (Assume 360 days)

Q3. The times interest earned ratio of ABC Company is 4.5 times. The interest expense for the year was P20,000, and the company's tax rate is 40%. The company's net income is?

Reference no: EM133188356

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