XYZ Inc. has an average collection period of 45 days. Total credit sales for the year were $5,200,000. What is the balance in accounts receivable at year-end? (Use 360 days in a year. Do not round intermediate calculations. Round your answer to the nearest dollar amount.)

XYZ Inc. has an average collection period of 45 days. Total credit sales for the year were $5,200,000. What is the balance in accounts receivable at year-end? (Use 360 days in a year. Do not round intermediate calculations. Round your answer to the nearest dollar amount.)

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 27BEB: Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had...

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Please explain the solution to this general accounting problem using the correct accounting principles.

XYZ Inc. has an average collection period of 45 days. Total credit sales
for the year were $5,200,000. What is the balance in accounts
receivable at year-end? (Use 360 days in a year. Do not round
intermediate calculations. Round your answer to the nearest dollar
amount.)

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XYZ Co. has an average collection period of 45 days. Total credit sales for the year were $3,200,000. What is the balance in accounts receivable at year-end? (Use 360 days in a year. Round to the nearest dollar.)
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