The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents $ 9,019 Accounts receivable 73,422 Merchandise inventories 63,362 Prepaid expenses 4,700 Accounts payable $ 15,550 Notes payable 89,638 Other current liabilities 10,100 If net sales for the current year were $608,500, the firm's days' sales uncollected for the year is: (Use 365 day
The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents $ 9,019 Accounts receivable 73,422 Merchandise inventories 63,362 Prepaid expenses 4,700 Accounts payable $ 15,550 Notes payable 89,638 Other current liabilities 10,100 If net sales for the current year were $608,500, the firm's days' sales uncollected for the year is: (Use 365 day
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information is taken from Reagan Company's December 31
Cash and cash equivalents | $ 9,019 |
---|---|
73,422 | |
Merchandise inventories | 63,362 |
Prepaid expenses | 4,700 |
Accounts payable | $ 15,550 |
Notes payable | 89,638 |
Other current liabilities | 10,100 |
If net sales for the current year were $608,500, the firm's days' sales uncollected for the year is: (Use 365 days a year.)
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