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Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | May 2017 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
John Byers owns and operates Byers Building Supplies. The following information was taken from his financial statements:
Balance Sheet 12/31/-2 12/31/-1
Accounts Receivable $700 $500
Inventory 300 100
Income Statement
Net Credit Sales $7,200
Cost of Goods Sold 5,000
All sales are made on account.
REQUIRED
Based on the above information, on average, approximately how many days pass from the time Byers purchases inventory until he receives cash from customers?
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