Darla’s Cosmetics has annual credit sales of $1,314,000 and an average collection period of 45 days...
Darla’s Cosmetics has annual credit sales of $1,314,000 and an
average collection period of 45 days in
2008.
What is the company’s average accounts receivable balance?
(Use a 360-day year.)
Homework Answers
average collection period=(average accounts receivable/annual credit sales)*360 days
45=(average accounts receivable/1,314,000)*360
average accounts receivable=(45*1,314,000)/360
which is equal to
=164250.
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