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Aliun [14]
3 years ago
6

Peterboro Supply has a current accounts receivable balance of $391,648. Credit sales for the year just ended were $5,338,411. Ho

w long did it take on average for credit customers to pay off their accounts during the past year
Business
1 answer:
andreyandreev [35.5K]3 years ago
5 0

Answer:

Time taken will be 31.35 days

Explanation:

We have given account receivable = $391648

Credit sales for the year = $5338411

Number of days in an year = 365 days

We have to find the time taken on average for credit customers to pay off their accounts during the past year

Time taken is given by =\frac{365\times account\ receivable}{credit\ sales}=\frac{365\times3 91648}{5338411}=31.35days

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<h2>                               <u>Cash collections budget</u></h2>

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