Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sales for Quality Shipping Company were $ 9 . 0 million, all of which were credit sales. The firm maintained an accounts receivable balance of

Sales for Quality Shipping Company were $9.0 million, all of which were credit sales. The firm maintained an accounts receivable balance of $800,000. Determine the firm's days sales outstanding (DSO). For your calculation, assume a 360-day year and round your answer to a full day.
A.30 days
B.32 days
C.41 days
D.52 days
E.160 days
image text in transcribed

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

Managerial Finance Essentials

Authors: Charles O. Kroncke, Alan E. Grunewald, Erwin Esser Nemmers

2nd Edition

0829901590, 978-0829901597

More Books

Students also viewed these Finance questions