Question
At year-end, SchwartzSchwartz has cash of $19,000, current accounts receivable of$120,000, merchandise inventory of $26,000, and prepaid expenses totaling $ $4,300. Liabilities of $40,000 must
At year-end, SchwartzSchwartz has cash of $19,000, current accounts receivable of$120,000, merchandise inventory of $26,000, and prepaid expenses totaling $ $4,300. Liabilities of $40,000 must be paid next year. Assume accounts receivable had a beginning balance of $40,000 and net credit sales for the current year totaled $960,000. How many days did it take SchwartzSchwartz to collect its average level of receivables? (Assume 365 days/year. Round any interim calculations to two decimal places. Round the number of days to the nearest whole number.)
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