If a firm has $400,000 in credit sales and $80,000 in average accounts receivable its accounts...
If a firm has $400,000 in credit sales and $80,000 in average accounts receivable its accounts receivable turnover is ____ times and its approximate average days collections is ____ days. ( Whole numbers, no decimals ).
Homework Answers
accounts receivable turnover=Credit sales/Average Accounts receivable
($400,000/$80000)=5 times
average days collections=365/ accounts receivable turnover
=(365/5)
=73 days.
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