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Home Q & A Board Other Fields Homework Help Business Accounting
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jtfortwengler jtfortwengler
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A year ago
Phelps Piping Company manufactures PVC pipe. The company has provided the following selected financial information:

​​20202021
Accounts receivable$   70,000$   50,000
Inventory90,00070,000
Total current assets220,000250,000
Total assets580,000460,000
Current liabilities40,00030,000
Total liabilities150,000130,000
Net credit sales300,000360,000
Cost of goods sold195,000221,400
Net income56,00062,000

Required:

a.What is Phelps' accounts receivable turnover for 2021?
b.What is Phelps' gross margin percentage for 2021?
Textbook 
Managerial Accounting

Managerial Accounting


Edition: 4th
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boomers1234boomers1234
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