Selected information from the financial statements of Tivoli Manufacturing appears below: Cash...
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Accounting
Selected information from the financial statements of Tivoli Manufacturing appears below:
| Cash sales | $ 50,000 |
| Credit sales | 450,000 |
| Beginning Cash | 10,000 |
| Ending Cash | 14,000 |
| Beginning Retained Earnings | 35,000 |
| Ending Retained Earnings | 48,000 |
| Beginning Accounts Receivable | 30,000 |
| Ending Accounts Receivable | 40,000 |
| Net Income | 58,000 |
Assuming a 365-day year, what is the average collection period?
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