Question
A company has net income of $188,000, a profit margin of 10.00 percent, and an accounts receivable balance of $106,557. Assuming 77 percent of sales
A company has net income of $188,000, a profit margin of 10.00 percent, and an accounts receivable balance of $106,557. Assuming 77 percent of sales are on credit, what is the company's days' sales in receivables?
please explain...
26.87 days
6.18 days
36.87 days
20.69 days
28.21 days
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Corporate Financial Management
Authors: Julian Ralph Franks, Harry H. Scholefield
2nd Edition
0566020548, 978-0566020544
