RB Shoe Store had a balance in the Accounts Receivable account of $325,800 at the beginning of the year and a balance of $260,900 at the end of the year. Net credit sales during the year amounted to $3,012,100. The average collection period of the receivables in terms of days was: a. 35.5 days. b. 39.5 days. c. 31.6 days. d. 365 days.

RB Shoe Store had a balance in the Accounts Receivable account of $325,800 at the beginning of the year and a balance of $260,900 at the end of the year. Net credit sales during the year amounted to $3,012,100. The average collection period of the receivables in terms of days was: a. 35.5 days. b. 39.5 days. c. 31.6 days. d. 365 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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