Jessica's Sports Wear has $38,100 in receivables and $523,700 in total assets.The total asset turnover rate is 1.17 and the profit margin is 7.3 percent.How long on average does it take to collect the receivables? Assume a 365-day year.
A) 26.91 days
B) 19.45 days
C) 11.68 days
D) 31.07 days
E) 22.70 days
Correct Answer:
Verified
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