Question:
A firm has sales of $1.2 million, and 10 percent of the sales are for cash. The year-end accounts receivable balance is $180,000. What is the average collection period? (Use a 360-day year.)
Your answer must be, typed, double-spaced, Arial(size 14), two-inch margins on all sides, APA format and also include references.Provide step by step solutions for the above question.