The Blue Star has sales of $387,000, costs of goods sold of $259,000, average accounts receivable of $9,800, and average accounts payable of $12,600. How long does it take for the firm's credit customers to pay for their purchases

9.24 days

Explanation:

Calculation for How long does it take for the firm's credit customers to pay for their purchases

First step is to calculate Receivables turnover

Using this formula

Receivables turnover=Sales/Average accounts receivable

Let plug in the formula

Receivables turnover = $387,000/$9,800

Receivables turnover= 39.48979592

Last step is to calculate the Receivables period using this formula

Receivables period = Numbers of days in a year/Receivables turnover

Let plug in the formula

Receivables period = 365 days/39.48979592

Receivables period = 9.24 days

Therefore How long does it take for the firm's credit customers to pay for their purchases is 9.24 days

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