The only deposits of a rare and sought-after mineral known as ursarite are found in Russia. Since no other nation has deposits o
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Answer:
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Answer: The average collection period of the receivables in terms of days was 73 days.
Explanation:
Given that,
Accounts Receivable at the beginning of the year = $390,000
Accounts Receivable at the end of the year = $410,000
Net credit sales during the year = $2,000,000
Average collection period of the receivables in terms of days:
Average accounts receivables =
= 4,00,000
Net credit sales = = 5
∴ Accounts receivable days =
= 73 days
The average collection period of the receivables in terms of days was 73 days.