Assume a company whose sales are all on account provided the following information: Gross margin percentage Cost of goods sold Accounts receivable balance, beginning of the year Accounts receivable balance, end of the year Net income 40% $225,000 $ 20,000 $ 30,000 $ 10,000 The average collection period is closest to: (Round accounts receivable turnover to the nearest whole number.)

Assume a company whose sales are all on account provided the following information: Gross margin percentage Cost of goods sold Accounts receivable balance, beginning of the year Accounts receivable balance, end of the year Net income 40% $225,000 $ 20,000 $ 30,000 $ 10,000 The average collection period is closest to: (Round accounts receivable turnover to the nearest whole number.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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