Sound Wave Music Corp. provides the following financial information: • • Forecasted Annual Sales: $25,000,000 Current Accounts Receivable: $1,950,000 . Current Inventory: $2,800,000 . Current Accounts Payable: $2,100,000 ⚫ Cost of Goods Sold: 75% of sales Calculate how many days on average it takes the company to collect payment from customers after a sale is made.

Sound Wave Music Corp. provides the following financial information: • • Forecasted Annual Sales: $25,000,000 Current Accounts Receivable: $1,950,000 . Current Inventory: $2,800,000 . Current Accounts Payable: $2,100,000 ⚫ Cost of Goods Sold: 75% of sales Calculate how many days on average it takes the company to collect payment from customers after a sale is made.

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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