Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Boom Lay Corp. has a current accounts receivable balance of $348,800. Credit sales for the year just ended were $4,482,080. What is the receivables turnover?

Boom Lay Corp. has a current accounts receivable balance of $348,800. Credit sales for the year just ended were $4,482,080.


What is the receivables turnover? (Round your answer to 2 decimal places. (e.g., 32.16))

Receivables turnover times


What is the days' sales in receivables? (Use 365 days a year. Round your answer to 2 decimal places. (e.g., 32.16))

Sales in receivables days

How long did it take on average for credit customers to pay off their accounts during the past year? (Use 365 days a year. Round your answer to 2 decimal places. (e.g., 32.16))

Average collection period days

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

The Certified Lease And Finance Professionals Handbook

Authors: Deborah Reuben, Certified Lease & Finance Professionals, Equipment Finance Industry Experts

6th Edition

171743388X, 978-1717433886

More Books

Students also viewed these Finance questions

Question

Silicon percentage in acid resistant cast iron is about 4 8 1 4 2 0

Answered: 1 week ago