Cat Supplies offers terms of 1/10, net 35. The discount is taken by 77 percent of customers. What is the company's average collection period?

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 13Q: If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the...
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Cat Supplies offers terms of 1/10, net 35. The discount is taken by 77 percent of customers. What is the company's average collection period?

 

 
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