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The carrying value of a firm's accounts receivable is $1,000,000 and the average collection period is 55 days. The firm's credit sales per day are: A. $33,333.33 B. $18,181.82 C. $1,000,000 D. $1,333,333.33 E. None of the above.

The carrying value of a firm's accounts receivable is $1,000,000 and the average collection period is 55 days. The firm's credit sales per day are: A. $33,333.33 B. $18,181.82 C. $1,000,000 D. $1,333,333.33 E. None of the above.

FINANCIAL ACCOUNTING
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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The carrying value of a firm's accounts receivable is $1,000,000 and the average collection period is 55 days. The firm's credit sales per day are: A. $33,333.33 B. $18,181.82 C. $1,000,000 D. $1,333,333.33 E. None of the above.
Transcribed Image Text:The carrying value of a firm's accounts receivable is $1,000,000 and the average collection period is 55 days. The firm's credit sales per day are: A. $33,333.33 B. $18,181.82 C. $1,000,000 D. $1,333,333.33 E. None of the above.
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