Calculate the average collection period in days ? Summit Electronics had a beginning Accounts Receivable balance of$450,000 and an ending balance of $550,000. Net credit sales for theyear were $6,000,000. Calculate the average collection period indays.

Step 1: Recall the formula for the Average Collection Period (ACP).= (Average accounts receivable /…

Answered: Summit Electronics had a beginning…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 1CE

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Summit Electronics had a beginning Accounts Receivable balance of $450,000 and an ending balance of $550,000. Net credit sales for the year were $6,000,000. Calculate the average collection period in days.