The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents$8,419 Accounts receivable 70,422 Merchandise inventories 60,362 Prepaid expenses 4,100 Accounts payable$14,950 Notes payable 86,638 Other current liabilities 9,500 If net sales for the current year were $612,000, the firm's days' sales uncollected for the year is: (Use 365 days a year.)

Receivable turnover ratio shows the efficiency of company with respect to extending the credits and…

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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	$	8,419
Accounts receivable		70,422
Merchandise inventories		60,362
Prepaid expenses		4,100
Accounts payable	$	14,950
Notes payable		86,638
Other current liabilities		9,500

If net sales for the current year were $612,000, the firm's days' sales uncollected for the year is: (Use 365 days a year.)

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