Not sure where I'm going wrong on this one. Any help is appreciated.
The following information relates to RAM Corporation:
Accounts receivable $160,000
Total credit sales $2,500,000
Accounts payable $220,000
What is RAM's receivables collection period (DSO)? In your computations, assume there are 360 days in a year.
23.04 days
21.56 days
15.62 days
22.50 days
160.00 days