Based on the following data for the current year, what is the number of days' sales in accounts receivable? Assume a year has 360 days. Sales on account during the year $679,000 Cost of merchandise sold during the year $300,000 Account receivable, the beginning of year $74,000 Account receivable, end of year Inventory, the beginning of year Inventory, end of year $62,000 $90,000 $110,000

Based on the following data for the current year, what is the number of days' sales in accounts receivable? Assume a year has 360 days. Sales on account during the year $679,000 Cost of merchandise sold during the year $300,000 Account receivable, the beginning of year $74,000 Account receivable, end of year Inventory, the beginning of year Inventory, end of year $62,000 $90,000 $110,000

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 27BEB: Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had...

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Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
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