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

Step 1: Definition of Average Collection PeriodThe average collection period measures the average…

Answered: Selected information for 20X5 is as…

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 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