Question
Pls Help ASAP; and No, IT is Not 55.19 days. I got the one incorrect A corporation reports the following year-end balance sheet/income statement data.
Pls Help ASAP; and No, IT is Not 55.19 days. I got the one incorrect
A corporation reports the following year-end balance sheet/income statement data. The company's days sales uncollected for Year 2 is (use 365 days per year):
| Year 2 | Year 1 |
| |||
Cash | $ | 38,000 |
| $ | 32,750 |
|
Short-term investments |
| 95,000 |
|
| 62,500 |
|
Accounts receivable, net |
| 88,000 |
|
| 82,000 |
|
Merchandise inventory |
| 123,500 |
|
| 127,500 |
|
Prepaid expenses |
| 12,600 |
|
| 10,200 |
|
Plant assets |
| 390,500 |
|
| 340,500 |
|
Accounts payable |
| 110,900 |
|
| 110,300 |
|
Net sales |
| 562,000 |
|
| 625,000 |
|
Cost of goods sold |
| 392,500 |
|
| 377,500 |
|
Multiple Choice
114.8 days.
51.40 days.
57.14 days.
47.90 days.
55.19 days.
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