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Calculate the average collection period of receivables

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Reference no: EM132580556

Gilligan Retail Outlet provided the following financial information:

Accounts Receivable balance as of 1/1/2017        $100,000

Accounts Receivable balance as of 12/31/2017    $110,000

Net Credit Sales for the year 2017                      $525,000

Cost of Goods Sold for the year 2017                $315,000

Question 1: Calculate the Average Collection Period of receivables.

Option 1: 73.00 days

Option 2: 5.00 days

Option 3: 486.67 days

Option 4: 0.75 days

Reference no: EM132580556

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