At year-end, Sally, Inc. has cash of $14,000, current accounts receivable of $70,000, merchandise inventory of $42,600, and prepaid expenses totaling $5,200. 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 $560,000. 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.) A. 26 B. 46 C. 52 OD. 7

At year-end, Sally, Inc. has cash of $14,000, current accounts receivable of $70,000, merchandise inventory of $42,600, and prepaid expenses totaling $5,200. 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 $560,000. 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.) A. 26 B. 46 C. 52 OD. 7

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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