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Presented below are selected data from the financial statements of Kopitiam Sdn Bhd for the last three years.
Year 3
Year 2
Year1
Total assets
RM650,000
RM821,000
RM800,000
Net credit sales
800,000
650,000
720,000
Accounts receivable
85,000
79,000
74,000
Required:
a) Calculate Kopitiam Sdn Bud's accounts receivable turnover ratio for Year 2 and Year 3.
b) Calculate the number of days the average balance of receivables is outstanding before being converted into cash (turnover in days) for Year 2 and Year 3.
c) What problem do you see with the company's credit policy if the terms are net 30 days? Explain your answer.
Financial Statement Analysis and Preparation
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