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Ninety-percent of X company's total sales of $600,000 is on credit. If its year-end receivables turnover is 5, the average collection period (based on a 365-day year) and the year-end receivables are, respectively: a) 365 days and $108,000. b) 73 days and $120,000. c) 73 days and $108,000. d) 81 days and $108,000. |
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Answer» c) 73 days and $108,000. |
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