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3 years ago

Chik’s Chickens has accounts receivable of $6,333. Sales for the year were $9,800. What is its average collection period?

Business

1 answer:

MAXImum [283]3 years ago

6 0

Answer:

The answer is 235 days

Explanation:

Average collection period can also be called Days' outstanding period. And it is the number of days it takes a business to collect its money or receivables from the goods or services sold on credit.

Days' reveivables period or Average collection period = 365 days / reveivables turnover.

Receivables turnover = Sales/ average receivable

$9,800/$6,333

= 1.55

Average collection period=

365 days/1.55

=235 days

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