Chik’s Chickens has accounts receivable of $7,183. Sales for the year were $10,700. What is its average collection period? (Use 365 days in a year. Do not round intermediate calculations. Round your final answer to the nearest whole number.)

The answer is 245 days

Explanation:

The average collection period is the average number of days a business use to collect its accounts receivable. The number of days a business used to collect its business affects its liquidity as fewer days to collect these receivables are good for the business.

The formula is:

(Accounts receivables/Sales) x 365 days.

Accounts receivable - $7,183.

Sales $10,700.

Therefore, we have

($7,183/$10,700) x 365 days

245 days

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this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

the answer is true.  i do believe this is the answer because of the amount of wrecks people get into each year.  if you double this with avoiding those so said wrecks, that would make you a "skilled" driver.