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Home Q & A Board Other Fields Homework Help Business Accounting
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capella234 capella234
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A year ago
The 2020 and 2021 partial balance sheets for Ottoman Manufacturing Company appear below along with selected financial information:

​​20202021
Current Assets​​
  Cash$  16,000$  15,000
  Accounts receivable, net21,00019,000
  Inventory   30,000   34,000
Total current assets67,00068,000
Plant & equipment, net   60,000   40,000
Total assets$127,000$108,000
​​​
Net credit sales$130,000$120,000
Cost of goods sold 100,000   80,000
Gross profit$  30,000$  40,000

Required:

a.Calculate Ottoman's inventory turnover and average days to sell inventory for 2021.
b.Calculate Ottoman's accounts receivable turnover and average collection period for
2021.
Textbook 
Managerial Accounting

Managerial Accounting


Edition: 4th
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tulipfiascotulipfiasco
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capella234 Author
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A year ago
You make an excellent tutor!
kevin12323h
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Thank you, thank you, thank you!
cipcal
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This site is awesome
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