Marie's clothing store had an accounts receivable balance of $ 470 comma 000 at the beginning of the year and a yearminusend balance of $ 560 comma 000. net credit sales for the year totaled $ 3 comma 600 comma 000. the average collection period of the receivables was: (round any intermediary calculations to two decimal places and your final answer to the nearest day.)

Average collection period = 52.21 days

Step-by-step explanation:

given data

accounts receivable balance = $470,000

accounts balance = $560,000

Net credit sales = $3,600,000

solution

we know that  Debtor turnover ratio = Net credit sales ÷ Average receivable     ...........1

so here

Average receivable  =  

Average receivable  = 515000

so from equation 1

Debtor turnover ratio =

Debtor turnover ratio =  6.990 times

so

Average collection period of the receivables = 365 days ÷ Debtor turnover ratio

Average collection period =

Average collection period = 52.21 days

let's cover over the formula of the vertex:

y = a(x – h)^2 + k

in this formula, (h,k) are the vertex, always remember that the positive or negative value of the vertex is based on the sign it has.

for example, if the vertex is -3,-6 then both the x and y value would have the positive sign attached to it and if it were a positive x and y value, then a negative sign would be attached to it.

with that being said, for our problem the x value is a positive one so we are looking for a number with a negative sign next to it, in this case the first and second choice.

however, for the first answer choice it isn't quite part of the formula so we know that the answer choice correctly displays the x value.

to confirm, we can see if the -1 fits correctly with the second answer choice, and as mentioned above a negative number will have a positive sign attached to it. so, for our problem we can see that -1 has been changed to +1, so we can confirm that the second answer choice is correct.

hence, our final answer is y=(x - 1)^2 + 1