Granger Company had $180,000 in sales on account last year. The beginning accounts receivable balance was $10,000 and the ending accounts receivable balance was $18,000. The company's average collection period (age of receivables) was closest to: - 20.28 days. - 28.39 days. - 36.50 days. - 56.78 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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General accounting question

Granger Company had $180,000 in sales on account last year. The
beginning accounts receivable balance was $10,000 and the ending
accounts receivable balance was $18,000. The company's average
collection period (age of receivables) was closest to:
- 20.28 days.
- 28.39 days.
- 36.50 days.
- 56.78 days.
Transcribed Image Text:Granger Company had $180,000 in sales on account last year. The beginning accounts receivable balance was $10,000 and the ending accounts receivable balance was $18,000. The company's average collection period (age of receivables) was closest to: - 20.28 days. - 28.39 days. - 36.50 days. - 56.78 days.
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