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Answer:
58 days
Explanation:
The computation of the average collection period is shown below:
Average collection period = Total number of days in a year ÷ (Sales ÷ Average receivable)
= 360 days ÷ ($500,000 ÷ $80,000)
= 57.6 days
= 58 days
The average receivable is come by dividing the sales from the account receivable
We simply applied the above formula so that the average collection period could come
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