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Sunnyvale Golf Club had a balance in the Accounts Receivable account of $1,000,000 at the beginning of the year and a balance of $1,200,000 at the end of the year. Net credit sales during the year amounted to $9,500,000. What was the average collection period of the receivables in terms of days?

Sunnyvale Golf Club had a balance in the Accounts Receivable account of $1,000,000 at the beginning of the year and a balance of $1,200,000 at the end of the year. Net credit sales during the year amounted to $9,500,000. What was the average collection period of the receivables in terms of days?

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 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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Sunnyvale Golf Club had a balance in the Accounts Receivable account of $1,000,000 at the beginning of the year and a balance of $1,200,000 at the end of the year. Net credit sales during the year amounted to $9,500,000. What was the average collection period of the receivables in terms of days?
Transcribed Image Text:Sunnyvale Golf Club had a balance in the Accounts Receivable account of $1,000,000 at the beginning of the year and a balance of $1,200,000 at the end of the year. Net credit sales during the year amounted to $9,500,000. What was the average collection period of the receivables in terms of days?
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