The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents$ 9,019Accounts receivable73,422Merchandise inventories63,362Prepaid expenses4,700Accounts payable$ 15,550Notes payable89,638Other current liabilities10,100If net sales for the current year were $608,500, the firm's days' sales uncollected for the year is: (Use 365 days a year.)

days sales uncollected means number of days before receivables will collected. It also known as…

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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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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 days a year.)

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