Phoenix Electronics had annual sales of $95 million spread evenly throughout the year (365 days). The company's average accounts receivable balance was $4.5 million. Calculate the average number of days it takes the company to collect payment on its sales. A. 15.6 days B. 17.3 days C. 19.7 days D. 21.8 days

Phoenix Electronics had annual sales of $95 million spread evenly throughout the year (365 days). The company's average accounts receivable balance was $4.5 million. Calculate the average number of days it takes the company to collect payment on its sales. A. 15.6 days B. 17.3 days C. 19.7 days D. 21.8 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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