What are the day's sales in receivable? A firm has $38,700 in receivables and $165,600 intotal assets. The total asset turnover rate is 1.3 andthe profit margin is 5 percent. What are the days'sales in receivables?a. 42.13 days.b. 32.90 days.c. 65.61 days.d. 55.03 days.

Step 1: Introduction to the Accounts ReceivableAccounts receivable represent a claim of an entity on…

Answered: A firm has $38,700 in receivables and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A firm has $38,700 in receivables and $165,600 in total assets. The total asset turnover rate is 1.3 and the profit margin is 5 percent. What are the days' sales in receivables? a. 42.13 days. b. 32.90 days. c. 65.61 days. d. 55.03 days.