Can you answer this accounting question without use ai ? Clovis Industries had sales in 2006 of $50 million, 22percent of which were cash. If Clovis normally carries45 days of credit sales in accounts receivable, whatare its average accounts receivable balances?(Assume a 365-day year.)

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Answered: Clovis Industries had sales in 2006 of…

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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Clovis Industries had sales in 2006 of $50 million, 22 percent of which were cash. If Clovis normally carries 45 days of credit sales in accounts receivable, what are its average accounts receivable balances? (Assume a 365-day year.)