Barneys Antique Shop has annual credit sales of $1,620,000 and an accounts receivable balance of $157,500. Calculate

Question:

Barney’s Antique Shop has annual credit sales of $1,620,000 and an balance of $157,500. Calculate the average collection period (use 360 days in a year).

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...