Homework Answers
Average Accounts Receivable = ($35,513 + $42,798) / 2
= $39,155.50
Cash Collection Cycle = Average Accounts Receivable * 365 /
Credit Sales
24.2 = $39,155.50 * 365 / Credit sales
Credit sales = $590,568
Cash sales = Total Sales – Credit Sales
= $923,000 - $590,568
= $332,432
Cash sales = $332,432
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