Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. at year-end, sally has cash of $16,000, current ac

At year-end, Sally has cash of $16,000, current accounts receivable of $90,000, merchandise inventory of...

50.1K

Verified Solution

Question

Accounting

image

At year-end, Sally has cash of $16,000, current accounts receivable of $90,000, merchandise inventory of $45,000, and prepaid expenses totaling $4,900 Liabilities of $50,000 must be paid next year. Assume accounts receivable had a beginning balance of $30,000 and net credit sales for the current year totaled $360,000. How many days did it take Sally 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.) O A. 91 OB, 122 . 61 O D. 30

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Find the following 5C1 7P0 10C2 8P3

Statistics
Q

Which of the following are characteristics of cholesterol? 1) It is a weakly amphipathic, rigid substance. 2)...

Chemistry
Q

Give the approximate chemical shifts, the expected peak multiplicities, and the relative integration for methyl 2-bromopropionate (CH3CHBrCO2CH3).        chemical shift                    multiplicity                 relative...

Chemistry
Q

You are a newly hired employee at the health department. Your second day at work, you...

Psychology
Q

A meteor with a mass of 1 kg moving at 20 km/s collides with Jupiter's atmosphere....

Physics
Q

1) Based on your knowledge of development, how would you explain the death of a grandparent...

Psychology
Q

Proposition. You and your friends are learning to play hockey, and you decide to use physics to...

Physics
Q

c. Explain the concept of ANOVA, and say how you can conduct an ANOVA analysis for...

Basic Math
Q

Choose the INCORRECT statement s A B C D Kirchoff s voltage law is based...

Physics
Q

Use Apple's financial statements in...

Accounting
Q

A company's inventory records report the following: Units Sold at Retail Date Aug. 1 Aug....

Accounting
Q

Aberta Playground inc, produces, markets, distributes, and installs durable playground equipment. It is a new,...

Accounting