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madimocaj
madimocaj
21.03.2020 • 
Business

Tungsten Company, Inc., sells heavy construction equipment. There are 12,000 shares of capital stock outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, Current Year: Account Titles Debit Credit Cash $ 35,200 Accounts receivable (net) 16,100 Inventory, ending 52,500 Operational assets 41,000 Accumulated depreciation $ 17,300 Liabilities 24,100 Capital stock 73,600 Retained earnings, January 1, Current Year 16,880 Sales revenue 148,500 Sales returns and allowances 6,400 Cost of goods sold 78,900 Selling expense 14,400 Administrative expense 16,200 Bad debt expense 3,400 Sales discounts 8,100 Income tax expense 8,180 Totals $ 280,380 $ 280,380 2. The beginning balance in Accounts Receivable (net) was $16,200. Compute the receivables turnover ratio.

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