Mcdowell industries sells on terms of 310 net 30. total, Ask an Expert

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McDowell Industries sells on terms of 3/10, net 30. Total sales for the year are $912,500;40% of the customers pay on the10th day and take discounts, while the other 60% pay, on average, 40 days after their purchases.

a. What is the day's saleoutstanding?

b. What is the average amount ofreceivables?

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