Winsor Clothing Store had a balance in the Accounts Receivable account of $760,000 at the beginning of the year and a balance of $840,000 at the end of the year. Net credit sales during the year amounted to $7,200,000. The average collection period of the accounts receivable in terms of days was 30 days 42.4 days 81.1 days 40.6 days
Winsor Clothing Store had a balance in the Accounts Receivable account of $760,000 at the beginning of the year and a balance of $840,000 at the end of the year. Net credit sales during the year amounted to $7,200,000. The average collection period of the accounts receivable in terms of days was 30 days 42.4 days 81.1 days 40.6 days
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Winsor Clothing Store had a balance in the Accounts Receivable account of $760,000 at the beginning of
the year and a balance of $840,000 at the end of the year. Net credit sales during the year amounted to
$7,200,000. The average collection period of the accounts receivable in terms of days was
30 days
O 42.4 days
81.1 days
40.6 days
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