At year-end, Stick has cash of $9,000, current accounts receivable of $50,000, merchandise inventory of...
50.1K
Verified Solution
Link Copied!
Question
Accounting
At year-end, Stick has cash of $9,000, current accounts receivable of $50,000, merchandise inventory of $21,000, and prepaid expenses totaling $4,100 Liabilities of $20,000 must be paid next year. Assume accounts receivable had a beginning balance of $10,000 and net credit sales for the current year totaled $300,000. How many days did it take Stick to collect its average level of receivables? (Assume 365 days/year. Round any interim calculations to two decimal places. Round the number of days to the nearest whole number.) OA. 37 OB, 73 . 61 O D. 12
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
