The Monster Truck operates several specialty vehicles that provide hot food and beverages for firms that...
The Monster Truck operates several specialty vehicles that provide hot food and beverages for firms that have workers employed in outlying regions. The company has annual sales of $628,400. Cost of goods sold average 42 percent of sales and the profit margin is 5.5 percent. The average accounts receivable balance is $35,700. On average, how long does it take the company to collect payment for its services? Assume 365 days per year.
Homework Answers
Debtor's day = Average Account receivable/Total sales x 365
Average Account receivable = $35700
Total sales = $628400
Debtor's day = 35700/628400 * 365
=20.74 days
Thus , it takes 20.74 days for the company to collect payment for its services
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The Monster Truck operates several specialty vehicles that
provide hot food and beverages for firms that...
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