Granite Supplies Inc. 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 $3,800,000. What was the average collection period in days? (Round to the nearest number of days.) a. 41 days b. 49 days c. 52 days d. 55 days

Granite Supplies Inc. 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 $3,800,000. What was the average collection period in days? (Round to the nearest number of days.) a. 41 days b. 49 days c. 52 days d. 55 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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