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
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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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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
Transcribed Image Text: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
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