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McEwan Industries sells on terms of 3/10, net 35. Total sales for the year are $949,500; 40% of the customers pay on the 10th day
McEwan Industries sells on terms of 3/10, net 35. Total sales for the year are $949,500; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 58 days after their purchases. Assume 365 days in year for your calculations. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. X Open spreadsheet a. What is the days sales atstanding? Round your answer to two decimal places. days b. What is the average amount of receivables? Round your answer to the nearest cent. Do not round intermediate calculations. c. What is the percentage cost of trade credit to customers who take the discount? Round your answers to two decimal places. %
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