Flo's Flowers has accounts receivable of $4,511, inventory of $1,810 sales of $138,609, and cost of goods sold of $64,003. How many days does it take the firm to sell its inventory and collect the payment on the sale assuming that all sales are on credit? a) 22.20 days b) 18.67 days c) 11.88 days d) 14.50 days e) 16.23 days

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 8PA: The following select financial statement information from Candid Photography. Compute the accounts...
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Flo's Flowers has accounts receivable of $4,511, inventory
of $1,810 sales of $138,609, and cost of goods sold of
$64,003. How many days does it take the firm to sell its
inventory and collect the payment on the sale assuming
that all sales are on credit?
a) 22.20 days
b) 18.67 days
c) 11.88 days
d) 14.50 days
e) 16.23 days
Transcribed Image Text:Flo's Flowers has accounts receivable of $4,511, inventory of $1,810 sales of $138,609, and cost of goods sold of $64,003. How many days does it take the firm to sell its inventory and collect the payment on the sale assuming that all sales are on credit? a) 22.20 days b) 18.67 days c) 11.88 days d) 14.50 days e) 16.23 days
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