Marie's Clothing Store had an accounts receivable balance of $ 470 comma 000 at the beginning of the year and a yearminusend balance of $ 630 comma 000. Net credit sales for the year totaled $ 3 comma 400 comma 000. The average collection period of the receivables was:

Average collection period of the receivables in days = 365 / Account receivable turnover ratio = 365 / ( Net credit sales / Average account receivable balance);

in which:

Average account receivable balance = (470,000 + 630,000) / 2 = $550,000;

Net credit sales is given at $3,400,000;

So, Average collection period of the receivables in days = 365 / (3,400,000 / 550,000) = 59 days.

Marie's Clothing Store had an accounts receivable balance of $ 470 comma 000 at the beginning of the year and a yearminusend balance of $ 630 comma 000. Net credit sales for the year totaled $ 3 comma 400 comma 000. The average collection period of the receivables​ was:

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Marie's Clothing Store had an accounts receivable balance of $ 470 comma 000 at the beginning of the year and a yearminusend balance of $ 630 comma 000. Net credit sales for the year totaled $ 3 comma 400 comma 000. The average collection period of the receivables was: