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Use the table for the question(s) below. Luther Industries had sales of $980...
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Use the table for the question(s) below.Luther Industries had sales of $980 million and a cost of goods sold of $560 million in 2020. A simplified balance sheet for the firm appears below:Luther IndustriesBalance SheetAs of December 31, 2020(millions of dollars)
Luther's accounts receivable days is closest to:
| Assets | | | Liabilities and Equity | |
| Cash | 25 | | Accounts payable | 60 |
| Accounts receivable | 85 | | Notes payable | 425 |
| Inventory | 90 | | Accruals | 45 |
| Total current assets | 200 | | Total current liabilities | 530 |
| Net plant, property, and equipment | 6100 | | Long term debt | 2725 |
| Total assets | 6300 | | Total liabilities | 3255 |
| | | | Common equity | 3045 |
| | | | Total liabilities and equity | 6300 |
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