Question Content AreaBased 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$591,010Cost of merchandise sold during year158,044Accounts receivable, beginning of year44,597Accounts receivable, end of year46,544Merchandise inventory, beginning of year92,783Merchandise inventory, end of year119,254

The objective of the question is to calculate the number of days' sales in receivables. This is a…

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Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 27BEB: Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had...

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Question Content Area

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	$591,010
Cost of merchandise sold during year	158,044
Accounts receivable, beginning of year	44,597
Accounts receivable, end of year	46,544
Merchandise inventory, beginning of year	92,783
Merchandise inventory, end of year	119,254