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Tanglewood Clothing Store Reported the Following Selected Items at June

Question 165

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Tanglewood Clothing Store reported the following selected items at June 30,2017 (last year - 2016 - amounts are also given as needed):
 Cash $80,000 Accounts Receivable, net:  June 30,2017 125,000 June 30,2016 153,000 Accounts Payable 45,000 Cost of Goods Sold 475,000 Merchandise Inventory  June 30, 2017 320,000 June 30, 2016 280,000 Net Credit Sales Revenue 1,200,000 Long-Term Assets 520,000 Long-Term Liabilities 140,000 Other Current Assets 150,000 Other Current Liabilities 130,000 Short-term Investments 200,000\begin{array} { | l | r | } \hline \text { Cash } & \$ 80,000 \\\hline \text { Accounts Receivable, net: } & \\\text { June 30,2017 } & 125,000 \\\text { June 30,2016 } & 153,000 \\\hline \text { Accounts Payable } & 45,000 \\\hline \text { Cost of Goods Sold } & 475,000 \\\hline \text { Merchandise Inventory } & \\\text { June 30, 2017 } & 320,000 \\ \text { June 30, 2016 } & 280,000\\\hline \text { Net Credit Sales Revenue } & 1,200,000\\\hline \text { Long-Term Assets } & 520,000 \\\hline \text { Long-Term Liabilities } & 140,000\\\hline \text { Other Current Assets } &150,000 \\\hline \text { Other Current Liabilities } &130,000 \\\hline \text { Short-term Investments } &200,000\\\hline\end{array} Compute Tanglewood's days' sales in receivables for 2017.Show your computations.

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