Smith's Electronics Store had an accounts receivable balance of $250,000 at the beginning of the year and a year-end balance of $310,000. Net credit sales for the year totaled $2,800,000. What was the average collection period of the receivables? A. 36 days B. 42 days C. 45 days D. 48 days

Smith's Electronics Store had an accounts receivable balance of $250,000 at the beginning of the year and a year-end balance of $310,000. Net credit sales for the year totaled $2,800,000. What was the average collection period of the receivables? A. 36 days B. 42 days C. 45 days D. 48 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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Question

I want to correct answer general accounting

Smith's Electronics Store had an accounts receivable balance of
$250,000 at the beginning of the year and a year-end balance of
$310,000. Net credit sales for the year totaled $2,800,000. What was
the average collection period of the receivables?
A. 36 days
B. 42 days
C. 45 days
D. 48 days

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