DEF Corporation has an average collection period of 72 days. Total credit sales for the year were $5,600,000. What is the balance in accounts receivable at year-end? (Use 360 days in a year. Round to the nearest dollar.)

DEF Corporation has an average collection period of 72 days. Total credit sales for the year were $5,600,000. 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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Question

DEF Corporation has an average collection
period of 72 days. Total credit sales for the
year were $5,600,000. What is the balance
in accounts receivable at year-end? (Use
360 days in a year. Round to the nearest
dollar.)

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What is it's accounts receivable balance on these general accounting question?