Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company has net income of $195,000, a profit margin of 8.3 percent, and an accounts receivable balance of $134,370. Assuming 70 percent of sales

A company has net income of $195,000, a profit margin of 8.3 percent, and an accounts receivable balance of $134,370. Assuming 70 percent of sales are on credit, what is the companys days sales in receivables? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Management In The Sport Industry

Authors: Matthew T Brown, Daniel Rascher, Mark S Nagel, Chad Mcevoy

1st Edition

1934432040, 978-1934432044

More Books

Students also viewed these Finance questions

Question

Explain possible uses for single-case research.

Answered: 1 week ago

Question

Describe the factors influencing of performance appraisal.

Answered: 1 week ago

Question

What is quality of work life ?

Answered: 1 week ago