Find the average collection period for a firm, Accounting Basics

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Find the average collection period for a firm

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.

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Accounting Basics: Find the average collection period for a firm

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