Solve this problem Accounting question A company reports:•Net income: $250,000•Profit margin: 8.5%Accounts receivable balance: $156,800•Credit sales: 80% of total salesCalculate the company's days' sales in receivables. (Use 365 days per year. Donot round intermediate calculations and round your final answer to 2 decimalplaces.)

Step 1: Definitions:Total Sales: The total revenue generated before deducting expenses. It is…

Answered: A company reports: • Net income:…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 14MC: Ancient Grains Unlimited has an accounts receivable turnover ratio of 3.34 times. The net credit...

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Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
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Please solve this question general accounting
A company reports the following: Sales $1,156, 320 Average accounts receivable (net) 87,600 Determine (a) the accounts receivable turnover and (b) number of days' sales in receivables. Round your answers to one decimal place. Assume a 365 day year. a. Accounts receivable turnover fill in the blank 1 b. Number of days' sales in receivables fill in the blank 2 days
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A company has net income of $182,000, a profit margin of 9.90 percent, and an accounts receivable balance of $106,014. Assuming 69 percent of sales are on credit, what is the company's days' sales in receivables? Multiple Choice 21.05 days 40.40 days 30.50 days
Days sales in receivable?
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A company has net income of $191,000, a profit margin of 9.10 percent, and an accounts receivable balance of $106,919. Assuming 77 percent of sales are on credit, what is the company's days' sales in receivables? Multiple Choice 18.59 days 33.25 days 5.55 days 25.35 days 24.15 days
H3. A company has net income of $213,700, a profit margin of 7.1 percent, and an accounts receivable balance of $126,385. Assuming 65 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 your answer to 2 decimal places, e.g., 32.16.) Show proper step by step calculation

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