The number of days' sales uncollected is calculated by:
A. Dividing net sales by accounts receivable and multiplying by 365.
B. Dividing net sales by accounts receivable.
C. Dividing accounts receivable by net sales and multiplying by 365.
D. Multiplying net sales by accounts receivable and dividing by 365.
E. Dividing accounts receivable by net sales.
Answer: C
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Monty Enterprises, a subsidiary of Kerry Company based in Delaware, reported the following information at the end of its first year of operations (all in British pounds): assets--483,000; expenses--360,000; liabilities--105,000; capital stock--90,000, revenues--648,000 . Relevant exchange rates are as follows: On date subsidiary stock was purchased ................ $2.07 Average rate for the year
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