Blaney clothing store had a balance in the accounts receivable account of $437,500 at the beginning of the year and a balance of $500,000 at the end of the year. net credit sales during the year amounted to $3,000,000. the average collection period of the receivables in terms of days was a : 365 days. b : 60.1 days. c : 57 days. d : 53.2 days.

Option C : 57 days

Step-by-step explanation:

Average Accounts Receivables=

                 Opening Accounts Receivables+ Closing Accounts Receivables

                                                              2

Average Accounts Receivables= 437,500+ 500,000

                                                                    2

Average Accounts Receivables= $468750

Average Collection Period = (Average Accounts Receivables÷Credit Sales )        

                                                                          ×365

Average Collection Period = (468750÷3000000) ×365

Average Collection Period = 57 days

answer: 94

step-by-step explanation: 79+91+92+94+94 = 450 divided by 5 (since there are 5 number that are being added) = 90