Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Potaw Company reported the following data at the end of 2016: Sales revenue (75% on credit) $390,000 Expenses (26% on credit) 69,000 Accounts receivable, net
Potaw Company reported the following data at the end of 2016: Sales revenue (75% on credit) $390,000 Expenses (26% on credit) 69,000 Accounts receivable, net at December 31, 2016 (a decrease of $8,500 during 2016) 12,500 Total assets 290,000 Stockholders' equity 150,000 The average number of days to collect receivables during 2016 is closest to: (Do not round your intermediate calculations. Use 365 days a year.)
20.90.
15.68.
34.12.
11.70.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started