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grin007 [14]
2 years ago
8

The financial statements of Georgi Manufacturing Company report net sales of $595,000and accounts receivable of $80,000 and $60,

000 at the beginning and end of the year,respectively. What is the average collection period for accounts receivable in days?
Business
1 answer:
Elena-2011 [213]2 years ago
7 0

Answer:

43 days

Explanation:

The first step is to calculate the account receivable turnover

= $595,000/($80,000+$60,000)/2

= 595,000/140,000/2

= 595,000/70,000

= 8.5

Therefore the average collection period can be calculated as follows

= 365 /8.5

= 42.9

= 43 days

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