Reference no: EM132536133
The following information has been taken from Preston's financial statement for the year ended December 20X7:
Preston has inventory turnover of six times
The year end receivables collection period is 42 years
Cost of sales for the year was $1,690,000
Credit purchases for the year were $2,150,000
Average Accounts Payables $206,164
Preston's cash cycle at 31December 20X7 was 68 days
All calculations should be made to the nearest full day, and the trading year has 365 days
Question 1: What is preston's trade payables collection period as at 31 December 20X7?
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