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Compton Company reported the following information on its comparative financial statements: Sales revenue $24.0 million (two-thirds on credit); cost of goods sold $16.0 million; accounts receivable in 20A $1.4 million and in 20B $1.7 million; and inventory in 20A $2.0 million and in 20B $2.5 million. Compute the number of days sales in accounts receivable and days sales in inventory assuming a 365 day year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9973282

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