Homework Answers
Collection Period = 365 / Accounts Receivable turnover ratio
Accounts Receivable turnover ratio = Sales / Accounts receivable
Collection Period = 365 / (Sales / Accounts receivable)
=> Accounts Receivable = Sales * Collection Period / 365
Sales = $36500
Collection period = 31 days
=> Accounts Receivables = 36500*31/365 = $3,100
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