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Credit sales: 6,00,000 * 90%= 5,40,000 Receivables turnover ratio given is 5 times Receivables turnover ratio = Net credit sales / Average receivables 540000/ Average receivables = 5 So, the average receivables will be = 108000 Average collection period = Total days in year / Average receivables turnover ratio 365/5 = 73 days
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