A company had an accounts receivable balance of $280,000 at the beginning of the year and $340,000 at the end of the year. The total credit sales during the year were $2,300,000. What was the average collection period in days (round to the nearest number of days)? A. 35 days B. 42 days C. 49 days D. 54 days

A company had an accounts receivable balance of $280,000 at the beginning of the year and $340,000 at the end of the year. The total credit sales during the year were $2,300,000. What was the average collection period in days (round to the nearest number of days)? A. 35 days B. 42 days C. 49 days D. 54 days

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 27BEB: Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had...

See similar textbooks

Similar questions

Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?
Medwig Corporation has a DSO of 17 days. The company averages 3,500 in sales each day (all customers take credit). What is the companys average accounts receivable?
Ancient Grains Unlimited has an accounts receivable turnover ratio of 3.34 times. The net credit sales for the year are $567,920. What is the days sales in receivables ratio for 2018 (rounded to the nearest whole number)? A. 190 days B. 109 days C. 110 days D. 101 days
What is the average collection period in days ?
Average collection period?
What is the average collection period in days ? General accounting
What was the average collection period in days on these general accounting question?
What is the average collection period in days on these financial accounting question?
The financial statements of Bolero Manufacturing Inc. report net credit sales of $900,000 and accounts receivable of S80,000 and $40,000 at the beginning of the year and end of the year, respectively. What is the average collection period for accounts receivable in days (rounded)? O 49 days O 16 days 24 days 32 days