Calculating the Average Collection Period Pujols Lumber Yard has

Calculating the Average Collection Period Pujols Lumber Yard has a current accounts receivable balance of $387,615. Credit sales for the year just ended were $2,945,600. What is the receivables turnover? The days’ sales in receivables how long did it take on average for credit customers to pay off their accounts during the past year?

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...