Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

The following balance sheet information was provided by Flower Company: Assets Year 2 Year 1 Cash $ 4 , 0 0 0 , $ 2

The following balance sheet information was provided by Flower Company:
Assets
Year 2
Year 1
Cash
$4,000,$2,000
Accounts receivable
15,000
12,000
Inventory
$35,000
$38,000
Assuming Year 2 net credit sales totaled $270,0, what was the company's average to collect receivables? (Use 365 days in a year. Do not round your intermediate calculations.)
20.28 days
18.25 days
16.22 days
47.31 days
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions

Question

gpt 2 9 .

Answered: 1 week ago