On average, your firm sells $45,700 of items on credit each day. The firm's average operating...
On average, your firm sells $45,700 of items on credit each day. The firm's average operating cycle is 39 days and it acquires and sells inventory, on average, every 15 days. What is the average accounts receivable balance?
Homework Answers
Net sales on credit=$45700
Operating cycle is =39
Sells inventory (average)=15
Current receivable balance=(Net sales on credit)*(Operating cycle -
Sells inventory)
=(45700)*(39- 15)
=1096800
So, the average accounts receivables balance=$1096800
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