At the beginning of 2011, Clay Ventures has accounts receivable of $100,000. By the end of 2011, Clay reports net…
At the beginning of 2011, Clay Ventures has accounts receivable of $100,000. By the end of 2011, Clay reports net credit sales of $1,900,000, cost of goods sold of $920,000 and accounts receivable of $200,000. What is the average collection period for 2011 for Clay? a. 39.7 days b. 59.5 days c. 28.8 days d. 38.4 days
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