At year-end, Slippery has cash of $19,000, current accounts receivable of $120,000., merchandise inventory of $26,000, and prepaid expenses totaling $6,000. Liabilities of $40,000 must be paid next year. Assume accounts receivable had a beginning balance of $40,000 and net credit sales for the current year totaled $960,000. How many days did it take Slippery 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.)

A. 15

B. 46

C. 30

D. 61

Answer rating: 100% (QA)

C 30 Statement showing Computations Particulars Amoun... View the full answer