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Anastasy [175]
2 years ago
13

The Monster Truck operates several specialty vehicles that provide hot food and beverages for firms that have workers employed i

n outlying regions. The company has annual sales of $627,200. Cost of goods sold average 38 percent of sales and the profit margin is 5.1 percent. The average accounts receivable balance is $35,300. On average, how long does it take the company to collect payment for its services
Business
1 answer:
GaryK [48]2 years ago
7 0

Answer:

The answer is 20.55 days

Explanation:

Solution

Given that:

Annual sales =$627,200

Average accounts receivable =$35,300

Now

The accounts turnover ratio (receivable) = Sales/Average accounts receivable

Accounts receivable turnover ratio = $627,200/$35.300

=17.76 times

Thus

Number of days payment receives = 365/ Accounts receivable turnover ratio =365 days/17.76 times

=20.55 days

Therefore The company takes 20.55 days to get payment for its services

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Improving product quality will help improve total sales but it is not a financial objective.

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Hope these help!!!




4 0
3 years ago
To avoid problems at work you believe you have to adjust to tge truth a little? Agree or Disagree
meriva
I disagree because you should never change the truth just a little because if you do your lying to yourself and everybody else.
8 0
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Answer:

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Explanation:

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mel-nik [20]

Answer:

The correct answer is letter "A": With employer-sponsored health insurance, your employer will pay a part of the bill for you and the benefits will not be taxed.

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