At year-end, Snow has cash of $16,000, current accounts receivable of $90,000, merchandise inventory of $45,000, and prepaid expenses totaling $4,200. 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 Snow 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. 30 OB. 91 O C. 122 O D. 61

At year-end, Snow has cash of $16,000, current accounts receivable of $90,000, merchandise inventory of $45,000, and prepaid expenses totaling $4,200. 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 Snow 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. 30 OB. 91 O C. 122 O D. 61

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 3P

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