Question
The Bear Rug has sales of $800,000. The cost of goods sold is equal to 65 percent of sales. The beginning accounts receivable balance is
The Bear Rug has sales of $800,000. The cost of goods sold is equal to 65 percent of sales. The beginning accounts receivable balance is $40,000 and the ending accounts receivable balance is $38,000. How long on average does it take the firm to collect its receivables?
A. 16 days
B. 21 days
C. 24 days
D. 18 days
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Healthcare Finance An Introduction To Accounting And Financial Management
Authors: Louis Gapenski
1st Edition
1567930905, 978-1567930900
