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Homework answers / question archive / Dome Metals has credit sales of $198,000 yearly with credit terms of net 120 days, which is also the average collection period

Dome Metals has credit sales of $198,000 yearly with credit terms of net 120 days, which is also the average collection period

Accounting

Dome Metals has credit sales of $198,000 yearly with credit terms of net 120 days, which is also the average collection period. Dome does not offer a discount for early payment, so its customers take the full 120 days to pay. 
a. What is the average receivables balance? (Use a 360-day year.) 
Average receivables balance 

b. What is the receivables turnover? (Use a 360-day year.) 
Receivables turnover 

times 
 

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