Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Libscomb Technologies' annual sales are $6,442,303 and all sales are made on credit, it purchases $3,502,576 of materials each year (and this is its cost

Libscomb Technologies' annual sales are $6,442,303 and all sales are made on credit, it purchases $3,502,576 of materials each year (and this is its cost of goods sold). Libscomb also has $586,493 of inventory, $1,475,000 of accounts receivable, and $1,400,000 of accounts payable. Assume a 365 day year.

What is Libscombs Receivables Period (in days)? Round to 2 decimal places.

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 Practice Of Statistics

Authors: Daren S. Starnes, Josh Tabor

6th Edition

9781319113339

Students also viewed these Finance questions