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The following information is taken from Summit Inc.'s year-end financials: • Accounts receivable: $64,000 Net sales for the year: $512,000 • Use 365 days in the year. What is Summit's days sales uncollected? a) 42.3 days b) 38.5 days c) 45.6 days d) 53.1 days e) 60.8 days

The following information is taken from Summit Inc.'s year-end financials: • Accounts receivable: $64,000 Net sales for the year: $512,000 • Use 365 days in the year. What is Summit's days sales uncollected? a) 42.3 days b) 38.5 days c) 45.6 days d) 53.1 days e) 60.8 days

Managerial Accounting: The Cornerstone of Business Decision-Making
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 27BEB: Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had...
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what is summit's days sales uncollected?

The following information is taken from Summit Inc.'s year-end financials: • Accounts receivable: $64,000 Net sales for the year: $512,000 • Use 365 days in the year. What is Summit's days sales uncollected? a) 42.3 days b) 38.5 days c) 45.6 days d) 53.1 days e) 60.8 days
Transcribed Image Text:The following information is taken from Summit Inc.'s year-end financials: • Accounts receivable: $64,000 Net sales for the year: $512,000 • Use 365 days in the year. What is Summit's days sales uncollected? a) 42.3 days b) 38.5 days c) 45.6 days d) 53.1 days e) 60.8 days
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