QUESTION 3 A firm has sales of $4.5 million, and 12 percent of the sales are for cash. The year-end accounts receivable balance is $575,000. What is the average collection period? (Use a 360-day year), 26.84 days 45.69 days 37.95 days 52.27 days 17.29 days

QUESTION 3 A firm has sales of $4.5 million, and 12 percent of the sales are for cash. The year-end accounts receivable balance is $575,000. What is the average collection period? (Use a 360-day year), 26.84 days 45.69 days 37.95 days 52.27 days 17.29 days

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 3P

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