Homework Answers
Correct answer--------------38.4 days
Working
| Beginning balance | $ 800,000.00 |
| Ending balance | $ 900,000.00 |
| Total | $ 1,700,000.00 |
| Average Receivables | $ 850,000.00 |
.
| Accounts receivables Turnover ratio | ||||||
| Net Credit Sales | / | Average Inventory | = | Accounts receivables Turnover ratio | ||
| $ 8,040,000.00 | / | $ 850,000.00 | = | 9.5 | Times | |
.
| Average collection period | ||||||
| Days in a year | / | Accounts receivables Turnover ratio | = | Average collection period | ||
| 365 | / | 9.5 | = | 38.4 | Days | |
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Accounting study help
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This table (pictured), shows that Blair Supply had an end-of-year
accounts receivable balance of $300,035. The table also shows how
much of the receivables balance originated in each of the previous
six months. The company had annual sales of $2.40 million and it
normally extends 30-day credit terms to its customers.
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system.
b. If 70% of the firm’s sales occur between July and December,
would this affect the validity of...
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