Parker Manufacturing has a current accounts receivable balance of $528,400. Credit sales for the year just ended were $6,892,500. Calculate how long it took on average for credit customers to pay off their accounts. (Use 365 days a year. Do not round intermediate calculations. Round your answer to 2 decimal places.)

Parker Manufacturing has a current accounts receivable balance of $528,400. Credit sales for the year just ended were $6,892,500. Calculate how long it took on average for credit customers to pay off their accounts. (Use 365 days a year. Do not round intermediate calculations. Round your answer to 2 decimal places.)

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 27BEB: Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had...

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