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vladimir2022 [97]
3 years ago
8

Walker Clothing Store has a balance in the Accounts Receivable account of $390k at the beginning of the year and a balance of $4

10k at the end of the year. Net credit sales during the year amounted $2mil. The average collection period of the receivables in terms of days was
Business
1 answer:
lesantik [10]3 years ago
4 0

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 = \frac{410000 + 390000}{2}

= 4,00,000

Net credit sales = \frac{2000000}{400000} = 5

∴ Accounts receivable days = \frac{365}{5}

= 73 days

The average collection period of the receivables in terms of days was 73 days.

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