Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company has net income of $197,000, a profit margin of 9.8 percent, and an accounts receivable balance of $136,370. Assuming 75 percent of sales

A company has net income of $197,000, a profit margin of 9.8 percent, and an accounts receivable balance of $136,370. Assuming 75 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 final 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

International Financial Management

Authors: Cheol Eun

9th Edition

1260788865, 9781260788860

More Books

Students also viewed these Finance questions

Question

Discuss the significance of evolutionary theory to psychology.

Answered: 1 week ago

Question

5. Save raster im?

Answered: 1 week ago