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The Following Balance Sheet Information Was Provided by Western Company

question 68

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The following balance sheet information was provided by Western Company:  Assets Cash Accounts receivable Inventory2014$4,00015,000$35,0002013$2,00012,000$38,000\begin{array}{l}\begin{array}{|l}\hline \text { Assets}\\\hline \text { Cash}\\\hline \text { Accounts receivable}\\\hline \text { Inventory}\\\hline\end{array}\begin{array}{r|}\hline 2014 \\\hline \$ \quad 4,000 \\\hline 15,000 \\\hline \$ \quad 35,000\\\hline \end{array}\begin{array}{r|}\hline 2013 \\\hline \$ \quad2,000 \\\hline 12,000 \\\hline \$ \quad 38,000\\\hline \end{array}\end{array} Assuming Year 2 net credit sales totaled $270,000,what was the company's average days to collect receivables? (Use 365 days in a year.Do not round your intermediate calculations. )

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Definitions:

Synchronously

Occurring at the same time or rate, synchronously refers to processes or events that are coordinated in time or operate in unison.

FIFO File

A method of handling data where the first piece of data entered is the first one to be processed or removed, similar to a queue.

False-to-true Transition

A change in state or condition from false (off or 0) to true (on or 1), often used in digital electronics or programming logic.

Shift Register

A digital memory circuit used to store and shift bits, often used in serial communication and for temporary data storage.

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