Question
During 2017, Columbia Inc. had beginning accounts receivable of $680,000 and ending accounts receivable of $760,000. Its net sales of $4,500,000 are composed of 20%
During 2017, Columbia Inc. had beginning accounts receivable of $680,000 and ending accounts receivable of $760,000. Its net sales of $4,500,000 are composed of 20% cash sales and 80% credit sales. Based on this information, what is Columbia's average collection period?
Group of answer choices
58.4 days
292.0 days
73.0 days
5.0 days
None of the answer choices is correct.
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Accounting What The Numbers Mean
Authors: David Marshall, Wayne McManus, Daniel Viele
8th Edition
0073379417, 978-0073379418
