Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For most recent of the year Johns Shoe Store has sales of $930,000 and cost of goods sold of $625,000. At the beginning of the

For most recent of the year Johns Shoe Store has sales of $930,000 and cost of goods sold of $625,000. At the beginning of the year the company had accounts receivable of $110,000 and its inventory was $230,000. At the end of the year accounts receivable and investments were $86,000 and $170,000 respectively. How long in days does the company on average hold an item of inventory?

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 Principles and Applications

Authors: Sheridan Titman, Arthur J. Keown, John H. Martin

13th edition

134417216, 978-0134417509, 013441750X, 978-0134417219

More Books

Students also viewed these Finance questions

Question

Compare social roles with gender roles. Critical T hinking

Answered: 1 week ago

Question

Explain the concept of a neural network and its applications.

Answered: 1 week ago

Question

Briefly explain the qualities of an able supervisor

Answered: 1 week ago

Question

Define policy making?

Answered: 1 week ago

Question

Define co-ordination?

Answered: 1 week ago

Question

What are the role of supervisors ?

Answered: 1 week ago