Question: During the year, Brown Corporation's average accounts receivable were $316,000. The current-year income statement reported net sales of $2,010,000, uncollectible accounts expense of $118,000,
During the year, Brown Corporation's average accounts receivable were $316,000. The current-year income statement reported net sales of $2,010,000, uncollectible accounts expense of $118,000, and net income of $982,000. Using 365 days to a year, compute the average number of days Brown waits to collect its accounts receivable. (Round answer to the nearest day, if necessary.)
Step by Step Solution
3.43 Rating (156 Votes )
There are 3 Steps involved in it
To calculate the average number of days Brown Corporation waits to collect ... View full answer
Get step-by-step solutions from verified subject matter experts
