A company has annual sales of $5,210,000 and its average daily accounts receivable is $377,000. What...
A company has annual sales of $5,210,000 and its average daily accounts receivable is $377,000. What is the average days' sales in receivables? Assume 365 days per year.
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13.82 times
-
30.81 times
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22.32 times
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29.35 times
-
26.41 times
Homework Answers
E. 26.41 times
Average days sales in receivables = Days per year/Accounts Receivable Turnover Ratio
Average days sales in receivables = 365 / ($5,210,000/$377,000)
Average days sales in receivables = 365 / 13.8196
Average days sales in receivables = 26.41 times
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