Tripod Company makes all sales on account. During the current year, Tripod has an average accounts receivable balance of $60,000, an average inventory balance of $96,000, cost of goods sold of $345.000, and net income of $117,000. If Tripod's gross margin percentage is 42.5%, what was its average collection period? Round to one decimal point. O 18.3 days O 24.3 days O 30.4 days O 36.5 days O None of the above

Tripod Company makes all sales on account. During the current year, Tripod has an average accounts receivable balance of $60,000, an average inventory balance of $96,000, cost of goods sold of $345.000, and net income of $117,000. If Tripod's gross margin percentage is 42.5%, what was its average collection period? Round to one decimal point. O 18.3 days O 24.3 days O 30.4 days O 36.5 days O None of the above

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9PA: Fitbands estimated sales are: What are the balances in accounts receivable for January, February,...

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