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Selected financial information for 20X7 is as follows: . Net sales (all on account) = $5,400,000 • Average receivables = $900,000 Net income $600,000 = Assuming a 360-day year, what was the average collection period (in days) for the receivables during 20X7? a. 6 b. 30 c. 60 d. 84 e. None of the above

Selected financial information for 20X7 is as follows: . Net sales (all on account) = $5,400,000 • Average receivables = $900,000 Net income $600,000 = Assuming a 360-day year, what was the average collection period (in days) for the receivables during 20X7? a. 6 b. 30 c. 60 d. 84 e. None of the above

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Selected financial information for 20X7 is as follows: . Net sales (all on account) = $5,400,000 • Average receivables = $900,000 Net income $600,000 = Assuming a 360-day year, what was the average collection period (in days) for the receivables during 20X7? a. 6 b. 30 c. 60 d. 84 e. None of the above
Transcribed Image Text:Selected financial information for 20X7 is as follows: . Net sales (all on account) = $5,400,000 • Average receivables = $900,000 Net income $600,000 = Assuming a 360-day year, what was the average collection period (in days) for the receivables during 20X7? a. 6 b. 30 c. 60 d. 84 e. None of the above
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