The carrying value of a firm's accounts receivable is $1,000,000 and the average collection period is 55 days. The firm's credit sales per day are: A. $33,333.33 B. $18,181.82 C. $1,000,000 D. $1,333,333.33 E. None of the above.

The carrying value of a firm's accounts receivable is $1,000,000 and the average collection period is 55 days. The firm's credit sales per day are: A. $33,333.33 B. $18,181.82 C. $1,000,000 D. $1,333,333.33 E. None of the above.

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 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

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The carrying value of a firm's accounts receivable is $1,000,000 and the
average collection period is 55 days. The firm's credit sales per day are:
A. $33,333.33
B. $18,181.82
C. $1,000,000
D. $1,333,333.33
E. None of the above.

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How many days on average does it take the firm to collect it's accounts receivable on these general accounting question?
A firm has $375,000 in credit sales and $135,000 in accounts receivable. Compute the average number of collection days. (Do not round intermediate calculations, round your answer to two decimal places, i.e. 12.34) Using the abswer to the prvious question, how does the numbers relate to the terms of 2/10 net/30?