Sizzle & Griddle, a popular breakfast restaurant known for its mouthwatering bacon dishes, recorded impressive credit sales during their 2021 fiscal year. With net credit sales amounting to $3,832,806 and cost of goods sold totaling $3,032,962, the restaurant's financial performance showcased their ability to satisfy customers' cravings. Analyzing the Accounts Receivable balance provides insight into the efficiency of Sizzle & Griddle's collection process. As of the end of 2020, the restaurant had a balance of $618,730 in outstanding receivables, which increased to $700,409 by the end of 2021. What is the average collection period/days' sales in receivables?
Sizzle & Griddle, a popular breakfast restaurant known for its mouthwatering bacon dishes, recorded impressive credit sales during their 2021 fiscal year. With net credit sales amounting to $3,832,806 and cost of goods sold totaling $3,032,962, the restaurant's financial performance showcased their ability to satisfy customers' cravings. Analyzing the Accounts Receivable balance provides insight into the efficiency of Sizzle & Griddle's collection process. As of the end of 2020, the restaurant had a balance of $618,730 in outstanding receivables, which increased to $700,409 by the end of 2021. What is the average collection period/days' sales in receivables?
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...
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Sizzle & Griddle, a popular breakfast restaurant known for its mouthwatering bacon dishes, recorded impressive credit sales during their 2021 fiscal year. With net credit sales amounting to $3,832,806 and cost of goods sold totaling $3,032,962, the restaurant's financial performance showcased their ability to satisfy customers' cravings. Analyzing the Accounts Receivable balance provides insight into the efficiency of Sizzle & Griddle's collection process. As of the end of 2020, the restaurant had a balance of $618,730 in outstanding receivables, which increased to $700,409 by the end of 2021. What is the average collection period/days' sales in receivables?
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