The Moncton Corporation has annual sales of $31 million. The average collection period is 27 days. What is the average investment in accounts receivable as shown on the balance sheet? Assume 365 days per year. (Enter the answer In dollars. Do not round Intermediate calculations. Round the final answer to nearest whole dollar amount. Omit "$" sign In your response.) Average receivables $

The Moncton Corporation has annual sales of $31 million. The average collection period is 27 days. What is the average investment in accounts receivable as shown on the balance sheet? Assume 365 days per year. (Enter the answer In dollars. Do not round Intermediate calculations. Round the final answer to nearest whole dollar amount. Omit "$" sign In your response.) Average receivables $

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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