The financial statements of Snapit Company are given below.
-Refer to the financial statements of Snapit Company.The firm's average collection period for 2009 is _______days.
A)47.90
B)48.53
C)46.06
D)47.65
E)none of the above

Question

The financial statements of Snapit Company are given below. 
-Refer to the financial statements of Snapit Company.The firm's average collection period for 2009 is _______days.
A)47.90 
B)48.53 
C)46.06 
D)47.65 
E)none of the above

Quizplus · Accepted Answer

The average collection period is calculated by dividing the accounts receivable by the average daily sales. Based on the financial statements, the calculation results in 47.90 days.

The Financial Statements of Snapit Company Are Given Below