Question
6-77 Average Collection Period Consider the following: 20X3 20X2 20X1 Sales $2,000,000 $2,500,000 $2,400,000 December 31 20X3 20X2 20X1 Accounts receivable $ 170,000 $ 190,000
6-77 Average Collection Period Consider the following: 20X3 20X2 20X1 Sales $2,000,000 $2,500,000 $2,400,000 December 31 20X3 20X2 20X1 Accounts receivable $ 170,000 $ 190,000 $ 180,000 Of the total sales, 70% are on account. Compute the days to collect accounts receivable for the years 20X2 and 20X3. Comment on the results
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel G. Short
3rd Edition
0072458836, 978-0072458831
