h. Assume that accounts receivable at December 31, 2020, totaled $310 million. Calculate the number of days' sales in receivables at that date. (Use 365 days a year. Do not round intermediate calculations. Round your answer to 1 decimal place.)WIPER INC.Condensed Balance SheetsDecember 31, 2020, 2019, 2018(in millions) 202020192018Current assets$650 $900 $700 Other assets 2,750 2,050 1,750 Total assets$3,400 $2,950 $2,450 Current liabilities$500 $800 $700 Long-term liabilities 1,500 1,000 800 Stockholders' equity 1,400 1,150 950 Total liabilities and stockholders' equity$3,400 $2,950 $2,450 WIPER INC.Selected Income Statement and Other DataFor the year Ended December 31, 2020 and 2019(in millions) 20202019Income statement data: Sales$3,300 $2,900 Operating income 380 300 Interest expense 80 70 Net income 300 230 Other data: Average number of common shares outstanding 44 42 Total dividends paid$50 $30

Accounts receivable: Accounts receivables refer to the amount of money due to the organization for…

Answered: h. Assume that accounts receivable at…

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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h. Assume that accounts receivable at December 31, 2020, totaled $310 million. Calculate the number of days' sales in receivables at that date. (Use 365 days a year. Do not round intermediate calculations. Round your answer to 1 decimal place.)

WIPER INC.
Condensed Balance Sheets
December 31, 2020, 2019, 2018
(in millions)
	2020	2019	2018
Current assets	$	650		$	900	$	700
Other assets		2,750			2,050		1,750
Total assets	$	3,400		$	2,950	$	2,450
Current liabilities	$	500		$	800	$	700
Long-term liabilities		1,500			1,000		800
Stockholders' equity		1,400			1,150		950
Total liabilities and stockholders' equity	$	3,400		$	2,950	$	2,450

WIPER INC.
Selected Income Statement and Other Data
For the year Ended December 31, 2020 and 2019
(in millions)
	2020	2019
Income statement data:
Sales	$	3,300	$	2,900
Operating income		380		300
Interest expense		80		70
Net income		300		230
Other data:
Average number of common shares outstanding		44		42
Total dividends paid	$	50	$	30

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