Problemthe bear rug has sales of 822500 the cost of goods, Ask an Expert

Accounting

Problem:

The Bear Rug has sales of $822,500. The cost of goods sold is equal to 63 percent of sales. The beginning accounts receivable balance is $41,000 and the ending accounts receivable balance is $38,000.

Required:

Question: How long on average does it take the firm to collect its receivables?

A. 17.16 days
B. 17.78 days
C. 17.53 days
D. 20.44 days
E. 26.57 days

Note: Please show how to work it out.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91172021

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