Chapter 15.III, Problem 12RE

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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

Explanation

**Given Information:**

The company Impact builders Inc. which has accounts receivable of

**Formula used:**

The formula to compute the average collection period is,

**Calculation:**

Consider that accounts receivables are

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