Using the following data from Moontrust Corporation’s financial statements, compute the receivables turnover and the days’ sales uncollected. (Round to one decimal place or to the nearest whole day.)
Current assets:
Cash ............... $ 70,000
Short-term investments ...... 170,000
Notes receivable .......... 240,000
Accounts receivable, net ...... 400,000
Inventory ............ 500,000
Prepaid assets .......... 50,000
Total current assets ........ $1,430,000
Current liabilities:
Notes payable .......... $ 600,000
Accounts payable ......... 150,000
Accrued liabilities ......... 20,000
Total current liabilities ....... $ 770,000
Net sales .............. $3,200,000
Last year’s accounts receivable, net ... $ 360,000