The following balance sheet information was provided by Summit Electronics: Assets 2014 2013 Cash $4,500 $4,200 Accounts receivable $28,000 $25,000| Inventory $50,000 $55,000 Assuming 2014 net credit sales totalled $160,000, what were Summit Electronics' average days to collect receivables? a. 58.1 days b. 55.4 days c. 60.4 days d. 116.3 days

The following balance sheet information was provided by Summit Electronics: Assets 2014 2013 Cash $4,500 $4,200 Accounts receivable $28,000 $25,000| Inventory $50,000 $55,000 Assuming 2014 net credit sales totalled $160,000, what were Summit Electronics' average days to collect receivables? a. 58.1 days b. 55.4 days c. 60.4 days d. 116.3 days

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 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

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