Lowell Corporation has decided to include certain financial ratios in its year-end annual report to shareholders....

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Lowell Corporation has decided to include certain financial ratios in its year-end annual report to shareholders. Selected information relating to its most recent fiscal year is provided below. • Cash • Accounts receivable (end of year) Accounts receivable (beginning of year) • Inventory (end of year) • Inventory (beginning of year) • Notes payable (due in 90 days) • Bonds payable (due in 10 years) • Net credit sales for year • Cost of goods sold $ 10,000 20,000 24,000 30,000 26,000 25,000 35,000 220,000 140,000 Using a 365-day year, compute Lowell's accounts receivable turnover in days. Lowell Corporation has decided to include certain financial ratios in its year-end annual report to shareholders. Selected information relating to its most recent fiscal year is provided below. • Cash • Accounts receivable (end of year) Accounts receivable (beginning of year) • Inventory (end of year) • Inventory (beginning of year) • Notes payable (due in 90 days) • Bonds payable (due in 10 years) • Net credit sales for year • Cost of goods sold $ 10,000 20,000 24,000 30,000 26,000 25,000 35,000 220,000 140,000 Using a 365-day year, compute Lowell's accounts receivable turnover in days.

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Calculate the amount of credit sales made per day then divide average accounts receivable by t... View the full answer