The current assets of Teresita Enterprise consist of cash, accounts receivable, and inventory. The following information is available: Credit sales 75% of total sales Inventory turnover 5 times Working capital P1,120,000 Current ratio 2 to 1 Quick ratio 1.25 to 1 Average Collection period 42 days Working days 360 The estimated costs of goods sold is:

The current assets of Teresita Enterprise consist of cash, accounts receivable, and inventory. The following information is available: Credit sales 75% of total sales Inventory turnover 5 times Working capital P1,120,000 Current ratio 2 to 1 Quick ratio 1.25 to 1 Average Collection period 42 days Working days 360 The estimated costs of goods sold is:

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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