The financial statements of Harbor Supplies, LLC report net sales of $450,000 for the current year. Accounts receivable were $42,000 at the beginning of the year and $48,000 at the end of the year. Calculate the average collection period. Assume all sales were made on credit.

The financial statements of Harbor Supplies, LLC report net sales of $450,000 for the current year. Accounts receivable were $42,000 at the beginning of the year and $48,000 at the end of the year. Calculate the average collection period. Assume all sales were made on credit.

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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Answer? ? Financial accounting

The financial statements of Harbor Supplies, LLC report net sales of
$450,000 for the current year. Accounts receivable were $42,000 at the
beginning of the year and $48,000 at the end of the year. Calculate the
average collection period. Assume all sales were made on credit.

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