ABC Inc. has an average collection period of 36 days. Total credit sales for the year were $4,500,000. What is the balance in accounts receivable at year-end? (Use 360 days in a year. Round to the nearest dollar.)

ABC Inc. has an average collection period of 36 days. Total credit sales for the year were $4,500,000. What is the balance in accounts receivable at year-end? (Use 360 days in a year. Round to the nearest dollar.)

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 Inc. has an average collection period of 36 days. Total credit sales for the
year were $4,500,000. What is the balance in accounts receivable at year-end?
(Use 360 days in a year. Round to the nearest dollar.)

Definition Definition Structural system an enterprise uses to collect, store, report, retrieve, and process financial data. Accounting information systems are used by business analysts, auditors, accountants, and consultants for accurate and efficient access to financial data.

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