Trendy Traders Reported Total Sales Amounting to $1,000,000 in the Year

Multiple Choice

Trendy Traders reported total sales amounting to $1,000,000 in the year 2015, of which 80% were on credit. At 31 December, customers owed $100,000. If the firm operates for 365 days a year, how long, on average, does it take to collect money from its debtors?

A) 46 days
B) 10 days
C) 13 days
D) 29 days