Modern Textiles Company sold $2,500,000 worth of goods in the year 2013, out of which...
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Accounting
Modern Textiles Company sold $2,500,000 worth of goods in the year 2013, out of which $550,000 were cash sales. Accounts receivable at the beginning of the year amounted to $225,000 and $265,000 at the end of the year. Assuming 365 days a year, compute the average collection period for the year.
A. 33 days B. 36 days C. 46 days D. 50 days
Show your work; points will be awarded only if process to solve is shown.
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