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The following balance sheet information was provided by Summit Enterprises: Assets Cash 2023 2022 $4,200 $3,800 Accounts Receivable $18,000 $21,000 Inventory $50,000 $47,000 Assuming 2023 net credit sales totalled $160,000, what were the company's average days to collect receivables?

The following balance sheet information was provided by Summit Enterprises: Assets Cash 2023 2022 $4,200 $3,800 Accounts Receivable $18,000 $21,000 Inventory $50,000 $47,000 Assuming 2023 net credit sales totalled $160,000, what were the company's average days to collect receivables?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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General Accounting

The following balance sheet information was provided by Summit Enterprises: Assets Cash 2023 2022 $4,200 $3,800 Accounts Receivable $18,000 $21,000 Inventory $50,000 $47,000 Assuming 2023 net credit sales totalled $160,000, what were the company's average days to collect receivables?
Transcribed Image Text:The following balance sheet information was provided by Summit Enterprises: Assets Cash 2023 2022 $4,200 $3,800 Accounts Receivable $18,000 $21,000 Inventory $50,000 $47,000 Assuming 2023 net credit sales totalled $160,000, what were the company's average days to collect receivables?
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