Accounts Receivable Analysis(Picture below is shown that 26.07 is wrong answer I also did try 26 days and it is also wrong) let me know what I did wrong.)A company reports the following:Sales$429,240Average accounts receivable (net)30,660Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year.a. Accounts receivable turnover14 daysb. Number of days' sales in receivables? Accounts Receivable AnalysisA company reports the following:Sales$429,240Average accounts receivable (net)30,660Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and finalanswers to one decimal place. Assume a 365-day year.a. Accounts receivable turnoverb. Number of days' sales in receivables14 v26.07 x daysFeedbackY Check My Worka. Divide sales by average accounts receivable.b. Divide average accounts receivable by average daily sales. Average daily sales are sales divided by 365 days.

Ratio analysis is a method of measuring the financial position of the organization with different…

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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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Accounts Receivable Analysis

(Picture below is shown that 26.07 is wrong answer I also did try 26 days and it is also wrong) let me know what I did wrong.)

A company reports the following:

Sales	$429,240
Average accounts receivable (net)	30,660

Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year.

a. Accounts receivable turnover	14 days
b. Number of days' sales in receivables	?

Accounts Receivable Analysis
A company reports the following:
Sales
$429,240
Average accounts receivable (net)
30,660
Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final
answers to one decimal place. Assume a 365-day year.
a. Accounts receivable turnover
b. Number of days' sales in receivables
14 v
26.07 x days
Feedback
Y Check My Work
a. Divide sales by average accounts receivable.
b. Divide average accounts receivable by average daily sales. Average daily sales are sales divided by 365 days.

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