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Sagot :
28.88 days, on average, for credit customers to pay off their accounts during the past year.
Who is a customer?
A customer is essentially the one who pays for the good or service; a consumer is a person who receives the good or service.
By using the formula for Days' sales in receivables
Days' sales in receivables = 365 days / Receivables turnover
Days' sales in receivables = 365 / 12.64
Days' sales in receivables = 28.88 days
Customers of the business settled outstanding balances in 28.88 days on average, as these are considered account receivables and will be paid in a short duration of time.
Learn more about customers, here:
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The question is incomplete, the complete question will be:
Aguilera Corp. has a current accounts receivable balance of $332,875. Credit sales for the year just ended were $4,207,540.Receivables turnover = 12.64 times
How long did it take on average for credit customers to pay off their accounts during the past year?
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