During 2018, Paynton Inc. (Paynton) reported revenue of $1,592,000. Paynton's accounts receivable turnover ratio for 2018 was

Question:

During 2018, Paynton Inc. (Paynton) reported revenue of $1,592,000. Paynton's accounts receivable turnover ratio for 2018 was 4.92. What was Paynton's average amount of accounts receivable during 2018? What was Paynton's average collection period for accounts receivable during 2018?

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...