Hello tutor please give me answer The Manana Corporation had annual sales of $60 million thatoccurred evenly throughout the 365 days of the year. Its accountsreceivable balance averaged $2 million. How long, on average, does ittake the firm to collect on its sales?a. 12.2 days.b. 19.1 days.c. 15.8 days.d. 25.2 days.

Solution= (average accounts receivable / annual sales) x number of days in a year= (2,000,000 /…

Answered: The Manana Corporation had annual sales…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Manana Corporation had annual sales of $60 million that occurred evenly throughout the 365 days of the year. Its accounts receivable balance averaged $2 million. How long, on average, does it take the firm to collect on its sales? a. 12.2 days. b. 19.1 days. c. 15.8 days. d. 25.2 days.