The financial statements of Harborline Outfitters, LLC report net sales of $500,000 and accounts receivable of $75,000 at the beginning of the year and $25,000 at the end of the year. What is the average collection period for accounts receivable in days? A. 54.8 B. 45.6 C. 36.5 D. 72.9

The financial statements of Harborline Outfitters, LLC report net sales of $500,000 and accounts receivable of $75,000 at the beginning of the year and $25,000 at the end of the year. What is the average collection period for accounts receivable in days? A. 54.8 B. 45.6 C. 36.5 D. 72.9

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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Question

What is the average collection period for accounts receivable in days on these financial accounting question?

The financial statements of Harborline Outfitters, LLC report net
sales of $500,000 and accounts receivable of $75,000 at the
beginning of the year and $25,000 at the end of the year.
What is the average collection period for accounts receivable in
days?
A. 54.8
B. 45.6
C. 36.5
D. 72.9

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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