Please answer step by step and give correct answer for this accounting question The Arizona Bay Corporation sells on creditterms of net 30. Its accounts are, onaverage, 7 days past due. Annual creditsales are $9.4 million. What is the company'sbalance sheet amount in accountsreceivable? Use 365 days a year. Roundyour answer to 2 decimal places.

Step 1: Define Accounts ReceivableA company that lends credit to consumers will list accounts…

Answered: The Arizona Bay Corporation sells on…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 21E

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The Arizona Bay Corporation sells on credit terms of net 30. Its accounts are, on average, 7 days past due. Annual credit sales are $9.4 million. What is the company's balance sheet amount in accounts receivable? Use 365 days a year. Round your answer to 2 decimal places.