Grant Industries had $200,000 in sales on account last year. The beginning accounts receivable balance was $15,000, and the ending accounts receivable balance was $18,000. What is the company's average collection period? a. 30.11 days b. 27.38 days c. 32.85 days d. 25.47 days

Grant Industries had $200,000 in sales on account last year. The beginning accounts receivable balance was $15,000, and the ending accounts receivable balance was $18,000. What is the company's average collection period? a. 30.11 days b. 27.38 days c. 32.85 days d. 25.47 days

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter7: Analysis Of Financial Statements

Section: Chapter Questions

Problem 1P: Greene Sisters has a DSO of 20 days. The companys average daily sales are 20,000. What is the level...

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Question

What is the companys average collection period?

Grant Industries had $200,000 in sales on account last year. The beginning
accounts receivable balance was $15,000, and the ending accounts receivable
balance was $18,000. What is the company's average collection period?
a. 30.11 days
b. 27.38 days
c. 32.85 days
d. 25.47 days

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