A company had an accounts receivable balance of $390,000 at the beginning of the year and $470,000 at the end of the year. The total credit sales during the year were $3,250,000. What was the average collection period in days (rounded to the nearest whole number of days)?

A company had an accounts receivable balance of $390,000 at the beginning of the year and $470,000 at the end of the year. The total credit sales during the year were $3,250,000. What was the average collection period in days (rounded to the nearest whole number of 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...

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What was the average collection period?
what is the average collection period?
What is the average collection period in days ?
Need
What was the average collection period in days
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