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Selected information for 20X5 is as follows: Net sales (all on account) = $7,200,000 Average receivables = $960,000 Net income $720,000 Assuming a 360-day year, what was the average collection period (in days) for the receivables during 20X6? a. 7.5 b. 36 c. 48 d. 84 e. none of the above

Selected information for 20X5 is as follows: Net sales (all on account) = $7,200,000 Average receivables = $960,000 Net income $720,000 Assuming a 360-day year, what was the average collection period (in days) for the receivables during 20X6? a. 7.5 b. 36 c. 48 d. 84 e. none of the above

Managerial Accounting: The Cornerstone of Business Decision-Making
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 44E: Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note:...
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Selected information for 20X5 is as follows: Net sales (all on account) = $7,200,000 Average receivables = $960,000 Net income $720,000 Assuming a 360-day year, what was the average collection period (in days) for the receivables during 20X6? a. 7.5 b. 36 c. 48 d. 84 e. none of the above
Transcribed Image Text:Selected information for 20X5 is as follows: Net sales (all on account) = $7,200,000 Average receivables = $960,000 Net income $720,000 Assuming a 360-day year, what was the average collection period (in days) for the receivables during 20X6? a. 7.5 b. 36 c. 48 d. 84 e. none of the above
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