Essay
Selected recent balance sheet and income statement information for the communication giants, Horizon Communications, Inc., and New Phone Inc., follow:
a. Compute accounts receivable turnover for Horizon Communications, Inc. and New Phone, Inc. .
b. Interpret and comment on the differences between the receivables turnover rates between each company assuming the industry average is 9.0 times.
Correct Answer:
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a. Horizon: $107,808 / $12,138 = 8.88 ti...View Answer
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