Use the below information to answer the following question. Income Statement For

Question

Use the below information to answer the following question. Income Statement For the Year Net sales $827,500 COGS 611,800 Depreciation 23,100 EBIT $192,600 Interest 9,700 Taxable income $182,900 Taxes 6,200 Net income $176,700 Balance Sheet Beginning of Year End of Year Cash $ 38,200 $43,700 Accounts receivable 91,400 86,150 Inventory 203,900 214,600 Net fixed assets 516,100 537,950 Total assets $849,600 $882,400 Accounts payable $136,100 $104,300 Long-term debt 329,500 298,200 Common stock ($1 par value) 75,000 82,000 Retained earnings 309,000 397,900 Total Liab. & Equity $849,600 $882,400 How many days of sales are in receivables at year-end? 54.53 days 29.41 days 40.32 days 51.40 days 38.00 days

Explanation / Answer

Sales 827500 Accouns receivable at end 86150 Days in a year 365 days of sale receivable at year end (accounts receivable at end/ sales)*360 (86150/827500)*365 37.99969789 days of sales receivable at end is 38 days

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