Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Marie's Clothing Store had an accounts receivable balance of $470,000 at the beginning of the year and a yearend balance of $560,000. Net credit sales
Marie's Clothing Store had an accounts receivable balance of
$470,000
at the beginning of the year and a
yearend
balance of
$560,000.
Net credit sales for the year totaled
$3,600,000.
The average collection period of the receivables was: (Round any intermediary calculations to two decimal places and your final answer to the nearest day.)
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