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Leggett & Platt reported sales of $7,982 million. It also reported accounts receivable (net of an...

Leggett & Platt reported sales of $7,982 million. It also reported accounts receivable (net of an allowance for doubtful accounts of $36 million) of $617 million at the beginning of the year and accounts receivable (net of an allowance for doubtful accounts of $36) of $676 million at the end of the year. Calculate the average days that gross receivables were outstanding for the year.

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Answer #1

Average days receivables outstanding

=( Average accounts receivable/ sales) *365

=( ((653+712)/2)/$7,982)*365

=31.21 days

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