A firm had credit sales of $15,750,000 last year and its days sales outstanding was 65 days. What was its average receivables balance, based on a 365-day year? 1. $1,294,521 2. $3,412,500 3. $7,269,231 4. $2,804,795 5. $4,389,657
A firm had credit sales of $15,750,000 last year and its days sales outstanding was 65 days. What was its average receivables balance, based on a 365-day year? 1. $1,294,521 2. $3,412,500 3. $7,269,231 4. $2,804,795 5. $4,389,657
Chapter3: Evaluation Of Financial Performance
Section: Chapter Questions
Problem 3P
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A firm had credit sales of $15,750,000 last year and its days sales outstanding was 65 days. What was its average receivables balance, based on a 365-day year?
1. |
$1,294,521 |
|
2. |
$3,412,500 |
|
3. |
$7,269,231 |
|
4. |
$2,804,795 |
|
5. |
$4,389,657 |
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