Homework Answers
The correct answer is A) 60 days.
Supporting calculations:
Average collection period of the receivables = Average balance of Accounts Receivable / Net Credit Sales * 365 Days in a Year
= [($490,000 + $620,000/2) / $3,400,000 * 365 Days]
= $555,000 / $3,400,000 * 365 Days
= 59.58 days or 60 days
Therefore, average collection period of the receivables is 60 days.
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