Suppose Lacey Corporation has total credit sales $757,000 . If the balance sheet reports accounts receivable $53,402, what is Lacey average collection period ( Assume a 365-day year) the average collection period is?
credit sales= 757,000
accounts recievable= 53,402
lacey average collection period= average collection period= (days*AR)/Credit sales
=(365*53402)/757,00025.74approximately 26 days
approximately 26 days
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