4 POINT Paul Industries had annual sales of $120 million, whichoccurred evenly throughout the 365 days of the year.Its accounts receivable balance averaged $6.6 million.How long, on average, does it take the firm to collecton its sales? (Round your answer to nearest number ifneeded)a) 14 daysb) 18 daysc) 16 daysd) 20 days

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Answered: Paul Industries had annual sales 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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