Question: Using the following data from Lopez Corporations financial statements, compute the receivable turnover and the days sales uncollected: Current assets Cash ............................................................$ 35,000 Short-term investments
Using the following data from Lopez Corporation’s financial statements, compute the receivable turnover and the days sales uncollected:
Current assets
Cash ............................................................$ 35,000
Short-term investments ............................. 85,000
Notes receivable ....................................... 120,000
Accounts receivable, net ..........................200,000
Inventory ....................................................250,000
Prepaid assets ............................................ 25,000
Total current assets .............................. $715,000
Current liabilities
Notes payable ........................................$ 300,000
Accounts payable ...................................... 75,000
Accrued liabilities ...................................... 10,000
Total current liabilities ......................... $385,000
Net sales ..............................................$1,600,000
Last year’s accounts receivable, net ... $180,000
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