A7X, Inc., has an average collection period of 34 days. Its average daily investment in receivables is $95,000. a. What is the receivables turnover? b. What are annual credit sales?
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- What is the average collection period?ABCD Corporation has credit sales of $10,640,000 and receivables of $1,520,000. a. What is the receivables turnover?b. What is the average collection period (days sales outstanding)?c. If the company offers credit terms of 30 days, are its receivables past due?Could you explain the steps for solving this General accounting question accurately?