Johnson Electronics Store had a balance in the Accounts Receivable account of $240,000 at the beginning of the year and a balance of $280,000 at the end of the year. Net credit sales during the year amounted to $1,560,000. What was the average collection period of the receivables in terms of days? a. 45 days b. 61 days c. 90 days d. 122 days

Johnson Electronics Store had a balance in the Accounts Receivable account of $240,000 at the beginning of the year and a balance of $280,000 at the end of the year. Net credit sales during the year amounted to $1,560,000. What was the average collection period of the receivables in terms of days? a. 45 days b. 61 days c. 90 days d. 122 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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