During 2017, Columbia Inc. had beginning accounts receivable of $680,000 and ending accounts receivable of $760,000....
During 2017, Columbia Inc. had beginning accounts receivable of $680,000 and ending accounts receivable of $760,000. Its net sales of $4,500,000 are composed of 20% cash sales and 80% credit sales. Based on this information, what is Columbia's average collection period?
Group of answer choices
58.4 days
292.0 days
73.0 days
5.0 days
None of the answer choices is correct.
Homework Answers
Accounts Receivable Turnover = Credit sales/Average accounts receivables
= (4,500,000*80%) / [(680,000+760,000)/2]
= 3,600,000/720,000
= 5 times
Average collection period = 365/Accounts Receivable Turnover l
= 365/5
= 73 days
Add Answer to:
During 2017, Columbia Inc. had beginning accounts receivable of
$680,000 and ending accounts receivable of $760,000....
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