Homework Answers
Average collection period = 365/Accounts receivable turnover ratio
:Accounts receivable turnover ratio = Sales/Accounts receivable
:9600/6133 = 1.5653X
Hence, Accounts receivable turnover ratio = 1.5653X
And, Average collection period = 365/1.5653 = 233.182 days or 233 days (approx.)
Hence, Average collection period is 233 days approximately.
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