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scZoUnD [109]
3 years ago
8

Winsor Clothing Store had a balance in the Accounts Receivable account of $760,000 at the beginning of the year and a balance of

$840,000 at the end of the year. Net credit sales during the year amounted to $7,200,000. The average collection period of the accounts receivable in terms of days was
A) 30 days.

B) 365 days.

C) 45.1 days.

D) 42.9 days.
Business
1 answer:
natulia [17]3 years ago
5 0

Answer:

The correct answer is 40.6 days. None of the options is correct.

Explanation:

The average collection period of the accounts receivable is how long it takes the company to collect its accounts receivable. It is expressed as: (Average accounts receivable / Net credit sales) x 365 days.

Average collection period = [($760,000 + $840,000)/2 / $7,200,000] x 365 days =  40.6 days

This means it takes the company 40.6 days to collect its accounts receivable.

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Liono4ka [1.6K]

Answer:

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Explanation:

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Paha777 [63]

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