A company has a net income of $190,000, a profit margin of 9.1 percent, and an accounts receivable balance of $129,370. Assuming 85 percent of sales are on credit, what is the company's days' sales in receivables? (Use 365 days a year. Do not round intermediate calculations and round the answer to 2 decimal places.)

A company has a net income of $190,000, a profit margin of 9.1 percent, and an accounts receivable balance of $129,370. Assuming 85 percent of sales are on credit, what is the company's days' sales in receivables? (Use 365 days a year. Do not round intermediate calculations and round the answer to 2 decimal places.)

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

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