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Problem 28-7 Size of Accounts Receivable Essence of Skunk Fragrances, Limited, sells 9,300 units of its perfume collection each year at a price per unit
Problem 28-7 Size of Accounts Receivable Essence of Skunk Fragrances, Limited, sells 9,300 units of its perfume collection each year at a price per unit of $415. All sales are on credit with terms of 1/10, net 40 . The discount is taken by 45 percent of the customers. Calculate the average collection period. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) What is the receivables turnover? (Use 365 days a year. Do not round intermediate calculations and round your answer to 4 decimal places, e.g., 32.1616.) What is the amount of the company's average receivables? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
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