If a firm has sales of $25,152,000 a year, and the average collection period for the...
If a firm has sales of $25,152,000 a year, and the average collection period for the industry is 30 days, what should this firm’s accounts receivable be if the firm is comparable to the industry? Assume there are 365 days in a year. Do not round intermediate calculations. Round your answer to the nearest dollar.
$
Homework Answers
| days of sales outstanding = number of days in a year/receivables turnover |
| 30 = 365/Receivables turnover |
| Receivables turnover = 12.17 |
| Receivables turnover = Credit sales/receivables |
| 12.17 = 25152000/Receivables |
| Receivables = 2066722 |
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