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The financial statements of a company reports net credit sales of $560,000. It also reports...

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The financial statements of a company reports net credit sales of $560,000. It also reports net accounts receivable of $76,000 and $52,000 at the beginning of the year and end of year, respectively. Its average inventory is $60,000. What is the average collection period for accounts receivable in days (rounded)? 41.7 days 39.1 days 49.5 days 32.4 days 42.7 days

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