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:
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?
Transcribed Image Text:
2013 2012 Net Credit Sales 572,000 600,000 46,100 Receivables at end of year 38,700
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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