I need help with this solution and accounting question Alpha Industries has an average collection period of 45 days. Total credit salesfor the year were $8,400,000. What is the balance in accounts receivable atyear-end? (Use 360 days in a year. Round to the nearest dollar.)

Step 1: Definition of Accounts Receivable Turnover and Average Collection PeriodThe Average…

Answered: Alpha Industries has an average…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 3P

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Alpha Industries has an average collection period of 45 days. Total credit sales for the year were $8,400,000. What is the balance in accounts receivable at year-end? (Use 360 days in a year. Round to the nearest dollar.)