The financial statements of the Bolton Manufacturing Company reports net sales of $500,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days?
a. 52.1
b. 29.2
c. 21.9
d. 36.5
Ans: b. 29.2
Business
You might also like to view...
When performing a hypothesis test to compare two or more population proportions, the expected frequencies must always be integer values
Indicate whether the statement is true or false
Business
The cash budget is based on the ________ method of accounting
A) cash B) financial C) accrual D) hybrid
Business