Madison Industrial Corp. has a current accounts receivable balance of $425,000. The company's credit sales for the year just ended were $5,675,000. How long did it take on average for credit customers to pay off their accounts during the past year? (Use 365 days in a year. Round your final answer to 2 decimal places.)

Madison Industrial Corp. has a current accounts receivable balance of $425,000. The company's credit sales for the year just ended were $5,675,000. How long did it take on average for credit customers to pay off their accounts during the past year? (Use 365 days in a year. Round your final answer to 2 decimal places.)

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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