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Your firm had net sales of $80,000 this past year and receivables of $20,000; and the...

Your firm had net sales of $80,000 this past year and receivables of $20,000; and the cost of goods sold of $522,000. What were the days sales outstanding? Please show work and explain.
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Answer #1
Days sales outstanding is = (Average receivables/Net sales)*365
Days sales outstanding is = (20000/80000)*365
Days sales outstanding is = 91.25 Days
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