6. HARANGUE INFLATED SPEECH Co. had the following information for 20x1:Accounts receivable turnover10:1Total assets turnover2:1Average receivables during the yearTotal assets, January 1, 20x1P400,000800,000How much is the total assets as of December 31, 20x1?a. 4,000,000b. 3,800,000с. 3,200,000d. 2,800,000

Formula: Accounts Receivable Turnover Ratio = Net Credit Sales / Average Accounts Receivable Asset…

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Business

Accounting

How much is the total assets as of December 31, 20x1?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

6. HARANGUE INFLATED SPEECH Co. had the following information for 20x1:
Accounts receivable turnover
10:1
Total assets turnover
2:1
Average receivables during the year
Total assets, January 1, 20x1
P400,000
800,000
How much is the total assets as of December 31, 20x1?
a. 4,000,000
b. 3,800,000
с. 3,200,000
d. 2,800,000

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