Question
WaterwayShop had a balance in the Accounts Receivable account of $760,000 at the beginning of the year and a balance of $978,000 at the end
WaterwayShop had a balance in the Accounts Receivable account of $760,000 at the beginning of the year and a balance of $978,000 at the end of the year. Net credit sales during the year amounted to $4,345,000. The average collection period of the receivables in terms of days was
-
A. 63.8 days.
-
B. 73.0 days.
-
C. 64.7 days.
-
D. 2.5 days.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting
Authors: Belverd E. Needles
5th Edition
0395698022, 978-0395698020
