The financial statements of Solar Tech Industries report net sales of $1,350,000 and accounts receivable of $75,000 and $85,000 at the beginning and end of the year, respectively. What is the average collection period for accounts receivable in days?

The financial statements of Solar Tech Industries report net sales of $1,350,000 and accounts receivable of $75,000 and $85,000 at the beginning and end of the year, respectively. What is the average collection period for accounts receivable in days?

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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Question

Can someone please solve this?

The financial statements of Solar Tech Industries report
net sales of $1,350,000 and accounts receivable of
$75,000 and $85,000 at the beginning and end of the
year, respectively. What is the average collection period
for accounts receivable in days?

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