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Sunrise Industries reported annual sales of $48 million and maintained an average accounts receivable balance of $4 million. How long, on average, does it take the company to collect on its sales?

Sunrise Industries reported annual sales of $48 million and maintained an average accounts receivable balance of $4 million. How long, on average, does it take the company to collect on its sales?

Corporate Fin Focused Approach
Corporate Fin Focused Approach
5th Edition
ISBN:9781285660516
Author:EHRHARDT
Publisher:EHRHARDT
Chapter16: Supply Chains And Working Capital Management
Section: Chapter Questions
Problem 11P
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Sunrise Industries reported annual sales of $48 million and maintained an average accounts receivable balance of $4 million. How long, on average, does it take the company to collect on its sales?
Transcribed Image Text:Sunrise Industries reported annual sales of $48 million and maintained an average accounts receivable balance of $4 million. How long, on average, does it take the company to collect on its sales?
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