Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The financial statements of the Cheyenne Corp. reports net sales of $600,000 and accounts receivable of $85,200 and $28,800 at the beginning of the year

image text in transcribed
The financial statements of the Cheyenne Corp. reports net sales of $600,000 and accounts receivable of $85,200 and $28,800 at the beginning of the year and end of year, reapectively. What is the average collection period for accounts receivable in days? (Use 365 days for calculation and round answer to 1 decimal point.)

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

Top Accounting And Auditing Issues For 2023

Authors: CCH Tax Law Editors

1st Edition

0808059335, 978-0808059332

More Books

Students also viewed these Accounting questions