Question: Agnes Company reported the following data:. Quick assets $53,000 Current assets 148,000 Total liabilities 298,000 Average net receivables 13,800 Beginning inventory 36,000 Long-term liabilities 198,000

Agnes Company reported the following data:.

Quick assets $53,000
Current assets 148,000
Total liabilities 298,000
Average net receivables 13,800
Beginning inventory 36,000
Long-term liabilities 198,000
Net credit sales 124,000
Cost of goods sold 82,000
Ending inventory 44,000

What was the average number of days to sell inventory?

A. 178.05

B. 117.74

C. 195.85

D. 160.24

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

The following three tables make up a simple reservation system for a small campground. The database should allow for a camper to make multiple reservations for future dates and for a camping spot to...

Q:

Agnes Company reported the following data: Quick assets Current assets Total liabilities Average net receivables Beginning inventory Long-term liabilities Net credit sales Cost of goods sold Ending...

Q:

Agnes Company reported the following data: Quick assets Current assets Total liabilities Average net receivables Beginning inventory Long-term liabilities Net credit sales Cost of goods sold Ending...

Q:

Agnes Company reported the following data: Quick assets Current assets Total liabilities Average net receivables Beginning inventory Long-term liabilities Net credit sales Cost of goods sold Ending...

Q:

1. Agnes Company reported the following data: Quick assets $ 50,000 Current assets 145,000 Total liabilities 295,000 Average net receivables 14,100 Beginning inventory 33,000 Long-term liabilities...

Q:

Agnes Company reported the following data: Quick assets $53,000 Current assets 148,000 Total liabilities 298,000 Average net receivables 13,800 Beginning inventory 36,000 Long-term liabilities...

Q:

Agnes Company reported the following data: Quick assets $62,000 Current assets 157,000 Total liabilities 307,000 Average net receivables 13,300 Beginning inventory 45,000 Long-term liabilities...

Q:

Agnes Company reported the following data:. Quick assets $46,000 Current assets 141,000 Total liabilities 291,000 Average net receivables 14,500 Beginning inventory 29,000 Long-term liabilities...

Q:

Agnes Company reported the following data:. Quick assets $65,000 Current assets 160,000 Total liabilities 310,000 Average net receivables 13,600 Beginning inventory 48,000 Long-term liabilities...

Q:

Agnes Company reported the following data: Quick assets $55,000 Current assets 150,000 Total liabilities 300,000 Average net receivables 12,600 Beginning inventory 38,000 Long-term liabilities...

Q:

Agnes Company reported the following data: Quick assets $ 47,000 Current assets 142,000 Total liabilities 292,000 Average net receivables 14,400 Beginning inventory 30,000 Long-term liabilities...

Q:

A project is proposed to design a database for shops selling dairy products. Each shop has a unique ID, name, address and owner. Different shops could be owned by the same owner. Each shop sells...

Q:

The following table indicates the number of covers served and the gross sales per server for one three-hour period in Sally's Restaurant. Determine: (a) the average number of covers served per hour...

Q:

Billing schemes generally fall into one of three categories: shell company schemes, non accomplice vendor schemes, and Question 3 options: A ) Personal purchases schemes B ) Check writing schemes C )...

Q:

Your best friend just received a gift of $7,000 from his favorite aunt. He wants to save the money to use as starter money after college. He can invest it (1) risk-free at 6%, (2) taking on moderate...

Q:

Sprocket Industries is deciding whether to automate one phase of its production process. The manufacturing equipment has a six-year life and will cost $905,000. Projected net cash inflows are as...

Q:

The trial balance of Racer Internet, Inc., at March 31, 2012, follows: Adjusting data at March 31, 2012: a. Unearned service revenue still unearned, $500. b. Prepaid rent still in force, $2,000. c....

Q:

The records of Grade A Steak Company list the following selected accounts for the quarter ended April 30, 2012: Requirements 1. Prepare a multi-step income statement. 2. M. Davidson, manager of the...

Q:

The trial balance of Wolfe Anvils, Inc., at October 31, 2012, and the data for the month-end adjustments follow: Adjustment data: a. Unearned service revenue still unearned at October 31, $1,200. b....

Q:

Tori and some other childeen experimented with balls to see which ones rolled. First using a piece of cardboard to use as a ramp, they angled it on a block to the floor to test the balls. Then Tori...

Q:

Relevant costs: introducing a new product Macready Company is consider ing introducing a new model of personal compact disc players at a price of $105 per unit. Its controller has compiled the...

Q:

Outsourcing, ethics Hollenberry, Inc. is a successful mail-order catalog busi ness with customers worldwide. The company's headquarters are in a small town some distance from any major metropolitan...

Q:

Make-or-buy Beau's Bistro has a reputation for providing good value for its menu prices. The desserts, developed by the pastry chef, are one of the distinc tive features of the menu. The pastry chef...