Home Infusion provides an average of 10 home health visits a day at an average net charge of $119 per visit, for $979 in average daily billings (ADB). They provide services approximately 221 days per year. All services are paid by two third-party payers: One pays for half of the billing 24 days after the service is provided and the second pays for the other half of billings in 9 days. Average cost of debt (i.e. the interest rate on bank loans) is 15%. What is the average accounts receivable balance? (Do not round intermediate calculations and round your final answer to 2 decimal places. Omit the "$" sign and commas in your response. For example, $12.3456 should be entered as 12.35.)

Home Infusion provides an average of 10 home health visits a day at an average net charge of $119 per visit, for $979 in average daily billings (ADB). They provide services approximately 221 days per year. All services are paid by two third-party payers: One pays for half of the billing 24 days after the service is provided and the second pays for the other half of billings in 9 days. Average cost of debt (i.e. the interest rate on bank loans) is 15%. What is the average accounts receivable balance? (Do not round intermediate calculations and round your final answer to 2 decimal places. Omit the "$" sign and commas in your response. For example, $12.3456 should be entered as 12.35.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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