The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents $8,919 Accounts receivable 72,922 Merchandise inventories 62,862 Prepaid expenses 4,600 Accounts payable 15,450 Notes payable 89,138 Other current liabilities 10,000 If net credit sales for the current year were $609,000, the firm's days' sales uncollected for the year is: (Use 365 days a year.) a) 43.7 days b) 73.0 days c) 37.7 days d) 155.7 days e) 62.9 days

The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents $8,919 Accounts receivable 72,922 Merchandise inventories 62,862 Prepaid expenses 4,600 Accounts payable 15,450 Notes payable 89,138 Other current liabilities 10,000 If net credit sales for the current year were $609,000, the firm's days' sales uncollected for the year is: (Use 365 days a year.) a) 43.7 days b) 73.0 days c) 37.7 days d) 155.7 days e) 62.9 days

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

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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