Question
A firm has sales of $1.3 million, and 15 percent of the sales are for cash. The year-end accounts receivable balance is $150,000. What is
A firm has sales of $1.3 million, and 15 percent of the sales are for cash. The year-end accounts receivable balance is $150,000. What is the average collection period? (Use a 360-day year. Do not round intermediate calculations. Round your final answer to 2 decimal places.)
Average Collection Period ___________ Days
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To calculate the average collection period we need to find out how long it takes on average for the ...
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Foundations Of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
18th Edition
126409762X, 9781264097623
