Brighton Apparel Store had a balance in the Accounts Receivable account of $500,000 at the beginning of the year and a balance of $520,000 at the end of the year. Net credit sales during the year amounted to $2,800,000. What is the average collection period of the receivables in terms of days?

Brighton Apparel Store had a balance in the Accounts Receivable account of $500,000 at the beginning of the year and a balance of $520,000 at the end of the year. Net credit sales during the year amounted to $2,800,000. What is the average collection period of the receivables in terms 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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Question

Brighton Apparel Store had a balance in the Accounts
Receivable account of $500,000 at the beginning of the
year and a balance of $520,000 at the end of the year.
Net credit sales during the year amounted to
$2,800,000.
What is the average collection period of the receivables
in terms of days?

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What was the average collection period of the receivable in terms of days?
What was the average collection period of the receivables in terms of days?
The average collection period of the receivables in terms of days was?