Holmes Inc. had net sales totalling $565,000. The accounts receivable at the start and end of the year were $47,000 and $53,000, respectively. Calculate days' sales in receivables. A. 32 days B. 29 days C. 34 days D. 38 days

Holmes Inc. had net sales totalling $565,000. The accounts receivable at the start and end of the year were $47,000 and $53,000, respectively. Calculate days' sales in receivables. A. 32 days B. 29 days C. 34 days D. 38 days

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 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

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Question

Please show me the valid approach to solving this financial accounting problem with correct methods.

Holmes Inc. had net sales totalling $565,000. The accounts receivable
at the start and end of the year were $47,000 and $53,000, respectively.
Calculate days' sales in receivables.
A. 32 days
B. 29 days
C. 34 days
D. 38 days

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