Estimating the average receivables balance
Dyl Pickle Inc. had credit sales of $3,500,000 last year and its days sales outstanding was DSO = 35 days. What was its average receivables balance, based on a 365-day year?
a. $388,518
b. $370,017
c. $335,616
d. $352,397
e. $407,944
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Panmar Inc. is preparing a statement of stockholders' equity for 2014. On January 1, 2014, Panmar started the year with a $200,000 credit balance in its retained earnings account.
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