fisher's furniture store sells $900 comma 000 worth of furniture to customers on credit each month. the accounts receivable balance in the accounting books averages $1.8 million. on average, how long are customers taking to pay their bills?

On average, The number of days customers taking to pay their bills are 60.8 days

Explanation:

The number of days customers taking to pay their bills = The average accounts receivable turnover in days = The number of days Fisher's Furniture Storecollect the cash from sale = 365/Accounts receivable turnover

Accounts receivable turnover = Net Credit Sales (for year) /Average Accounts Receivable = $900,000 x 12/$1,800,000 = $10,800,000/$1,800,000 = 6 times

The number of days customers taking to pay their bills = 365/6 = 60.8 days

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