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The following information has been taken from Preston's financial statement for the year ended December 20X7: Preston has inventory turnover of six times The year
The following information has been taken from Preston's financial statement for the year ended December 20X7:
Preston has inventory turnover of six times
The year end receivables collection period is 42 years
Cost of sales for the year was $1,690,000
Credit purchases for the year were $2,150,000
Average Accounts Payables $206,164
Preston's cash cycle at 31December 20X7 was 68 days
All calculations should be made to the nearest full day, and the trading year has 365 days
What is preston's trade payables collection period as at 31 December 20X7?
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