Homework Answers
Accounts Receivable Turnover = Credit sales / Average accounts receivables
= 2,400,000 / [(545,000+525,000)/2]
= 2,400,000 / 535,000
= 4.4859
Average collection period = 365/ accounts receivable turnover
= 365/4.4859
= 81 days
Option A is the answer
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