Contemporary Media Sign Incorporated sells on account. Recently, Contemporary reported the following figures: Requirements 1. Compute Contemporarys
Question:
Contemporary Media Sign Incorporated sells on account. Recently, Contemporary reported the following figures:
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Requirements
1. Compute Contemporary’s days’ sales in receivables for 2013. (Round to the nearest day.)
2. Suppose Contemporary’s normal credit terms for a sale on account are “2/10, net 30.†How well does Contemporary’s collection period compare to the company’s credit terms? Is this good or bad forContemporary?
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