ABC Co. has an average collection period of 60 days. Total credit sales for the year were $4,100,000. What is the balance in accounts receivable at year- end? (Use 360 days in a year. Do not round intermediate calculations. Round your answer to the nearest dollar amount.)

ABC Co. has an average collection period of 60 days. Total credit sales for the year were $4,100,000. What is the balance in accounts receivable at year- end? (Use 360 days in a year. Do not round intermediate calculations. Round your answer to the nearest dollar amount.)

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 27BEB: Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had...

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ABC Co. has an average collection period of 60
days. Total credit sales for the year were $4,100,000.
What is the balance in accounts receivable at year-
end? (Use 360 days in a year. Do not round
intermediate calculations. Round your answer to
the nearest dollar amount.)

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