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The following information is extracted from the 2020 financial statements of two companies working in...

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Finance

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The following information is extracted from the 2020 financial statements of two companies working in the same industry: Elliot Ltd Howard Ltd Sales revenue Operating profit Net profit 90,000 25,000 18.000 E 98,000 40,000 28,000 Cash Inventory Trade receivables Current liabilities Non-current liabilities Issued share capital and reserves 5,000 12,000 4,000 18,000 12,000 53,000 5,000 11,000 8,000 30,000 18,000 82,000 Use the formula sheet provides. This can be found in the exam information. You must round your answers to TWO decimal places and show currency and percentages where applicable. You are advised to show your workings. There is no requirement to rewrite the formula. Question: Calculate the trade receivables collection period in days for both companies

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