Kate Brown's Chicken has generated sales of $580,000, and 80% of it belongs to the cost of goods sold. The firm's balance sheet shows that the beginning accounts receivable balance is $25,000 and the ending accounts receivable balance is $35,000. How long, on average, should the firm expect to wait before it can turn its receivables into cash?
17.70 days 18.88 days 23.60 days 19.33 days 15.47 days