16. ABC Co. has an average collection period of 50 days. Total credit sales for the...
16. ABC Co. has an average collection period of 50 days. Total credit sales for the year were $2,700,000. What is the balance in accounts receivable at year-end? (Use 360 days in a year. Do not round intermediate calculations. Round your answer to the nearest dollar amount.)
$375,000
$385,000
$2,700,000
$1,350,000
Homework Answers
Ans $ 375000
average collection period = 360 / Annual Credit sales * Average accounts receivable
50 = 360 / 2700000 * Average accounts receivable
Average accounts receivable = 50 * 2700000 / 360
Average accounts receivable = $ 375000
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