Homework Answers
| Accounts Receivable turnover = 365/Average collection period |
| Accounts Receivable turnover = 365/36= 10.13889 |
| Average receivables = Annual credit sales/Accounts Receivable turnover |
| Average receivables = 34000000/10.13889= 3353424.66 |
| Average receivables = 3353424.66 |
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