Leisure Products has sales of $738,800, cost of goods sold of $598,200, and accounts receivable of $86,700. How long on average does it take the firm's customers to pay for their purchases? Assume a 365-day year. a. 8.65 days b. 11.28 days c. 25.01 days d. 42.83 days e. 45.33 days

Leisure Products has sales of $738,800, cost of goods sold of $598,200, and accounts receivable of $86,700. How long on average does it take the firm's customers to pay for their purchases? Assume a 365-day year. a. 8.65 days b. 11.28 days c. 25.01 days d. 42.83 days e. 45.33 days

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter7: Analysis Of Financial Statements

Section: Chapter Questions

Problem 1P: Greene Sisters has a DSO of 20 days. The companys average daily sales are 20,000. What is the level...

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Question

General accounting

Leisure Products has sales of $738,800, cost of goods sold of
$598,200, and accounts receivable of $86,700. How long on
average does it take the firm's customers to pay for their
purchases? Assume a 365-day year.
a. 8.65 days
b. 11.28 days
c. 25.01 days
d. 42.83 days
e. 45.33 days

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