What are the company's days sales in receivables? Harbor Enterprises has a net income of$210,000, a profit margin of 9.1%, and anaccounts receivable balance of $145,500.Assuming 75% of sales are on credit, whatare the company's days' sales inreceivables?

Total sales = Net income / Profit marginTotal sales = $210,000 / 0.091 = $2,307,692.31 Credit sales…

Answered: Harbor Enterprises has a net income of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Harbor Enterprises has a net income of $210,000, a profit margin of 9.1%, and an accounts receivable balance of $145,500. Assuming 75% of sales are on credit, what are the company's days' sales in receivables?