Galambos corporation had an average receivables collection, Ask an Expert

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Galambos Corporation had an average receivables collection period of 19 days in 2003. Galambos has stated that it wants to decrease its collection period in 2004 to match the industry average of 15 days. Credit sales in 2003 were $300 million, and analysts expect credit sales to increase to $400 million in 2004. To achieve the company's goal of decreasing the collection period, the change in the average accounts receivable balance from 2003 to 2004 that must occur is closest to:

A. -$420,000.
B. $420,000.
C. $836,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91769529

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