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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.

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.

FINANCIAL ACCOUNTING
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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What are the day's sales in receivable?

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.
Transcribed Image Text: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.
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