Question
CoronadoShop had a balance in the Accounts Receivable account of $767,000 at the beginning of the year and a balance of $1,025,000 at the end
CoronadoShop had a balance in the Accounts Receivable account of $767,000 at the beginning of the year and a balance of $1,025,000 at the end of the year. Net credit sales during the year amounted to $13,081,600. The average collection period of the receivables in terms of days was
-
A. 21.4 days.
-
B. 25.0 days.
-
C. 22.3 days.
-
D. 7.3 days.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting Reporting Analysis And Decision Making
Authors: Shirley Carlon, Rosina Mcalpine, Chrisann Lee, Lorena Mitrione, Ngaire Kirk, Lily Wong
7th Edition
0730395294, 978-0730395294
