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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