Question
In: Accounting
Assume the following is the current asset section from Intuit’s balance sheet. July 31 ($ 000s)...
Assume the following is the current asset section from Intuit’s balance sheet.
| July 31 ($ 000s) | 2016 | 2015 |
|---|---|---|
| Cash and cash equivalents | $83,842 | $125,992 |
| Investments | 910,416 | 991,971 |
| Accounts receivable, net | 86,125 | 81,615 |
| Deferred income taxes | 54,854 | 31,094 |
| Prepaid expenses | 99,275 | 62,792 |
| Current assets of discontinued operations/td> | 21,989 | 12,279 |
| Funds held for payroll customers | 357,838 | 323,041 |
| Total current assets | 1,614,339 | 1,528,784 |
Assume Intuit’s 2016 revenue was $2,038,000 thousand.
Compute days sales outstanding for 2016.
Select one:
a. 16.4 days
b. 29.9 days
c. 12.7 days
d. 15.0 days
Solutions
Expert Solution
Revenue for the year = $2,038,000
So, the Correct answer is Option (d) 15.0 DAYS
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