   Chapter 15.III, Problem 12RE ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Calculate the average collection period for Impact Builders, Inc. from Exercise 7 assuming that the credit sales for the year amounted to $445,000. Company Cash MarketableSecurities AccountsReceivable QuickAssets Acid Test Ratio 7. Impact Builders, Inc.$12,320 $30,000$53,600

To determine

To calculate: The average collection period of the company Impact builders Inc. which has accounts receivable of $53,600, and credit sales of$445,000.

Explanation

Given Information:

The company Impact builders Inc. which has accounts receivable of $53,600, and credit sales of$445,000.

Formula used:

The formula to compute the average collection period is,

Average collection period=Accounts receivablesCredit sales×365

Calculation:

Consider that accounts receivables are $53,600, credit sales are$445,000

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