Harrison & Sons, LLC reports net sales of $500,000 and accounts receivable of $60,000 at the beginning of the year and $30,000 at the end of the year. What is the average collection period for accounts receivable in days? (Round to the nearest whole number.)

Harrison & Sons, LLC reports net sales of $500,000 and accounts receivable of $60,000 at the beginning of the year and $30,000 at the end of the year. What is the average collection period for accounts receivable in days? (Round to the nearest whole number.)

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

What is the average collection period for accounts receivable in days on these general accounting question?

Harrison & Sons, LLC reports net sales of $500,000 and accounts receivable
of $60,000 at the beginning of the year and $30,000 at the end of the year.
What is the average collection period for accounts receivable in days?
(Round to the nearest whole number.)

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