Selected financial information for 20X7 is as follows: Net credit sales = $5,400,000 Average accounts receivable = $675,000 Net income $580,000 Assuming a 360-day year, what is the average collection period (in days) for receivables during 20X7? a. 30 days b. 36 days c. 45 days d. 48 days e. none of the above

Selected financial information for 20X7 is as follows: Net credit sales = $5,400,000 Average accounts receivable = $675,000 Net income $580,000 Assuming a 360-day year, what is the average collection period (in days) for receivables during 20X7? a. 30 days b. 36 days c. 45 days d. 48 days e. none of the above

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 14MC: Ancient Grains Unlimited has an accounts receivable turnover ratio of 3.34 times. The net credit...

See similar textbooks