Financial accounting :Net sales
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Utica company's net accounts receivable was $250,000 at December 31, 2004 and $300,000 at December 31,2005. Net cash sales for 2005 were $100,000. The accounts receivable turnover for 2005 was 5.0, and this turnover figure was computed from net credit sales for the year.
Required:
What was Utica's net sales for 2005?
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Solution Summary
Utica's net sales for the period is calculated in this solution.
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Hello,
Average Accounts Receivables= (250000+300000)/2 ...
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