Homework Help is Here – Start Your Trial Now!
Business
Accounting
The following balance sheet information was provided by Western Company: Assets Cash Accounts receivable Inventory Year 2 $ 3,200 Year 1 $ 2,800 12,700 28,500 14,700 35,500 Assuming Year 2 net credit sales totaled $372,000, what was the company's average days to collect receivables? Note: Use 365 days in a year. Do not round your intermediate calculations. Round your answer to 2 decimal places. Multiple Choice 31.40 days 27.96 days 34.83 days 54.00 days

The following balance sheet information was provided by Western Company: Assets Cash Accounts receivable Inventory Year 2 $ 3,200 Year 1 $ 2,800 12,700 28,500 14,700 35,500 Assuming Year 2 net credit sales totaled $372,000, what was the company's average days to collect receivables? Note: Use 365 days in a year. Do not round your intermediate calculations. Round your answer to 2 decimal places. Multiple Choice 31.40 days 27.96 days 34.83 days 54.00 days

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Manji 

The following balance sheet information was provided by Western Company: Assets Cash Accounts receivable Inventory Year 2 $ 3,200 Year 1 $ 2,800 12,700 28,500 14,700 35,500 Assuming Year 2 net credit sales totaled $372,000, what was the company's average days to collect receivables? Note: Use 365 days in a year. Do not round your intermediate calculations. Round your answer to 2 decimal places. Multiple Choice 31.40 days 27.96 days 34.83 days 54.00 days
Transcribed Image Text:The following balance sheet information was provided by Western Company: Assets Cash Accounts receivable Inventory Year 2 $ 3,200 Year 1 $ 2,800 12,700 28,500 14,700 35,500 Assuming Year 2 net credit sales totaled $372,000, what was the company's average days to collect receivables? Note: Use 365 days in a year. Do not round your intermediate calculations. Round your answer to 2 decimal places. Multiple Choice 31.40 days 27.96 days 34.83 days 54.00 days
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS