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Consider the following:

*Income statement (extract)*	*2004* EUR	*2003* EUR	*2002* EUR
Sales	20,000	25,000	24,000

Balance sheet (extract)	*31 Dec, 2004* EUR	**31 Dec, 2003 EUR**	*31 Dec 2002* EUR
Trade and other receivables	1,950	1,900	1,850

Of the total sales, 20 per cent are for cash.

Assuming that VAT is 20 per cent, determine the days to collect trade receivables for the years 2004 and 2003. Comment on the results.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92094663

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