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The Brenmar Sales Company

The Brenmar Sales Company had a gross profit margin​ (gross profits divided by ÷ ​sales) of 28 percent and sales of $9.4 million last year. 74 percent of the​ firm’s sales are on​ credit, and the remainder are cash sales. ​Brenmar’s current assets equal $1.4 ​million, its current liabilities equal $295,800​, and it has $104,300 in cash plus marketable securities.

a. If​ Brenmar’s accounts receivable equal $563,000​, what is its average collection​ period?

b. If Brenmar reduces its average collection period to 25 ​days, what will be its new level of accounts​ receivable?

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c. Brenmar’s inventory turnover ratio is 9.4 times. What is the level of​ Brenmar’s inventories?

a.  If​ Brenmar’s accounts receivable equal $563,000​, what is its average collection​ period?

The​ company’s average collection period will be ____ days.  ​(Round to two decimal​ places.)

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