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The following data are taken from the financial statements of Blossom Company. 2017 2016 Accounts receivable (net), end of year $ 550,000 $ 520,000 Net
The following data are taken from the financial statements of Blossom Company.
2017 | 2016 | |||
Accounts receivable (net), end of year | $ 550,000 | $ 520,000 | ||
Net sales on account | 4,500,000 | 3,900,000 | ||
Terms for all sales are 1/10, n/45 |
Your answer is incorrect. Try again. | |
Compute for each year the average collection period. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)
2017 | 2016 | |||||
Average collection period | days | days |
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