The following balance sheet information is provided for Patton Company: $\begin{array}{|l|r|r|}
\hline \text { Assets } & 2014 & 2013 \
\hline \text { Cash } & \$ 4,000 & \$ 2,000 \
\hline \text { Accounts receivable } & 15,000 & 12,000 \
\hline \text { Inventory } & \$ 35,000 & \$ 38,000 \
\hline
\end{array}$ Assuming 2014 cost of goods sold is $730,000, what is the company's average days to sell inventory? (Use 365 days in a year. Do not round your intermediate calculations.)
A) 17.5 days
B) 18.25 days
C) 19 days
D) 20.86 days

Question

The following balance sheet information is provided for Patton Company: $\begin{array}{|l|r|r|}
\hline \text { Assets } &  2014  & 2013 \
\hline \text { Cash } & \$  4,000 & \$  2,000 \
\hline \text { Accounts receivable } &  15,000 &  12,000 \
\hline \text { Inventory } & \$  35,000 & \$  38,000 \
\hline
\end{array}$ Assuming 2014 cost of goods sold is $730,000, what is the company's average days to sell inventory? (Use 365 days in a year. Do not round your intermediate calculations.)
A) 17.5 days
B) 18.25 days
C) 19 days
D) 20.86 days

Quizplus · Accepted Answer

The Answer of The following balance sheet information is provided for Patton Company: $\begin{array}{|l|r|r|}
\hline \text { Assets } &  2014  & 2013 \
\hline \text { Cash } & \$  4,000 & \$  2,000 \
\hline \text { Accounts receivable } &  15,000 &  12,000 \
\hline \text { Inventory } & \$  35,000 & \$  38,000 \
\hline
\end{array}$ Assuming 2014 cost of goods sold is $730,000, what is the company's average days to sell inventory? (Use 365 days in a year. Do not round your intermediate calculations.)
A) 17.5 days
B) 18.25 days
C) 19 days
D) 20.86 days

The Following Balance Sheet Information Is Provided for Patton Company