Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Nash's Trading Post, LLC had a balance in the Accounts Receivable account of $801000 at the beginning of the year and a balance of $901000

Nash's Trading Post, LLC had a balance in the Accounts Receivable account of $801000 at the beginning of the year and a balance of $901000 at the end of the year. Net credit sales during the year amounted to $6808000. The average collection period of the receivables in terms of days was

a. 4 days.

b. 44 days.

c. 45.6 days.

d. 42.9 days.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

QuickBooks Step-by-Step Guide To Bookkeeping And Accounting For Beginners

Authors: Kevin Ellis

1st Edition

1951345126, 978-1951345129

More Books

Students also viewed these Accounting questions