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152 for the fiscal years 2009 and 2010 apple co reported the following year ended de 4298781


152. For the fiscal years 2009 and 2010, Apple Co. reported the following:


Year Ended December 31,




Net Sales



Accounts Receivable






a.  Compute the accounts receivable turnover for 2010.
b.  Compute the number of days’ sales in receivable at the end of 2010. 



153. Journalize the following transactions of Upton Drugs:

July 8

Received a $180,000, 90-day 8% note dated July 8 from Miracle Chemical on account.



Oct. 6

The note is dishonored by Miracle Chemical.



Nov. 5

Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to Miracle Chemical on Oct. 6.










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