You are trying to prepare financial statements for Bartlett Pickle
Company but seem to be missing its balance sheet. You have Bartletts
income statement which shows sales last year were $420 million with a
gross profit margin of 40 percent. You also know that credit sales equaled
three-quarters of Bartletts total revenues last year. In addition Bartlett had
a collection period of 55 days a payables period of 40 days and an
inventory turnover of eight times based on the cost of goods sold. Calculate
Bartletts year-ending balance for accounts receivable inventory and accounts payable.
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