You are trying to prepare fi$$nancial statements for Bartlett Pickle Company, but seem to be missing its balance sheet. You have Bartlett$$s income statement, which shows sales last year were $$520$ million with a gross pro$$t 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 $51$ days, a payables period of $31$ days, and an inventory turnover of $6$ times based on cost of goods sold. 

Calculate Bartlett$$s year$-$ending balance for accounts receivable, inventory, and accounts payable. 

Answer rating: 100% (QA)

To calculate Bartlett Pickle Companys yearending balance for accounts receivable inventory and a... View the full answer