Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Quick Getaway Ltd has net income of $197,000, a profit margin of 9.70 percent, and an accounts receivable balance of $106,647. Assuming 71 percent of

image text in transcribed
image text in transcribed
Quick Getaway Ltd has net income of $197,000, a profit margin of 9.70 percent, and an accounts receivable balance of $106,647. Assuming 71 percent of sales are on credit, what is the company's days' sales in receivables? 27.00 days 36.70 days 28.35 days 19.17 days 7.83 days

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_2

Step: 3

blur-text-image_3

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 Theory and Practice

Authors: Eugene F. Brigham, Michael C. Ehrhardt

15th edition

130563229X, 978-1305632301, 1305632303, 978-0357685877, 978-1305886902, 1305886909, 978-1305632295

More Books

Students also viewed these Finance questions