The following data are taken from the financial statements:
a Assuming that credit terms on all sales are n/45, determine for each year 1 the accounts receivable turnover and 2 the number of days' sales in receivables.
Round intermediate calculations to whole numbers and final answers to two decimal places.
b Comment on any significant trends revealed by the data.
Definitions:
Condition Precedent
A condition in a contract that must be met before a party's obligation becomes enforceable.
Condition Subsequent
A legal term referring to an event or state of affairs that, if it occurs, will terminate a party's rights under a contract.
Repudiation
The rejection or denial of the validity of a contract, claim, or other obligations, implying an intent not to fulfill the terms.
Breach of Contract
The failure, without legal excuse, to perform any promise or obligation stated in a contract, which may entitle the other party to legal remedies such as damages.
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