Based on the following data for the current year, what is the number of days' sales in receivables (rounded to one decimal place)? Assume 365 days a year.Sales on account during year$584,216Cost of goods sold during year170,559Accounts receivable, beginning of year45,497Accounts receivable, end of year54,226Inventory, beginning of year82,684Inventory, end of year116,504

Accounts receivable (AR) seems to be the amount owed to a company for products or services provided…

Answered: following data for the current year,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 8PB: The following select financial statement information from Vortex Computing. Compute the accounts...

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Based on the following data for the current year, what is the number of days' sales in receivables (rounded to one decimal place)? Assume 365 days a year.

Sales on account during year	$584,216
Cost of goods sold during year	170,559
Accounts receivable, beginning of year	45,497
Accounts receivable, end of year	54,226
Inventory, beginning of year	82,684
Inventory, end of year	116,504

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