Fisher's Furniture Store sells $1,230,000 worth of furniture to customers on credit each month. The Accounts Receivable balance in the accounting books averages $1.9 million. On average, how long are customers taking to pay their bills?

Fisher's Furniture Store's account receivables turnover ratio = Annual Credit Sales / Average account Receivables = $14,760,000 / $1,900,000 = 7.77 times;

The average time it takes customers to pay ( in days) = Receivable turnover in days = 365 / The account receivables turnover ratio = 365/ 7.77 = 47 days

Thus, the answer is 47 days.

​Fisher's Furniture Store sells ​$1,230,000 worth of furniture to customers on credit each month. The Accounts Receivable balance in the accounting books averages ​$1.9 million. On​ average, how long are customers taking to pay their​ bills?

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Fisher's Furniture Store sells $1,230,000 worth of furniture to customers on credit each month. The Accounts Receivable balance in the accounting books averages $1.9 million. On average, how long are customers taking to pay their bills?