Question
A company has net income of $198,000, a profit margin of 8.8 percent, and an accounts receivable balance of $137,370. Assuming 70 percent of sales
A company has net income of $198,000, a profit margin of 8.8 percent, and an accounts receivable balance of $137,370. Assuming 70 percent of sales are on credit, what is the company's 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.)
A company has net income of $198,000, a profit margin of 8.8 percent, and an accounts receivable balance of $137,370. Assuming 70 percent of sales are on credit, what is the company's 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.) |
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Understanding Financial Accounting
Authors: Christopher D. Burnley
2nd Canadian Edition
1119406927, 978-1119406921
