Problemcorn products corp ended the year 2011 with an, Ask an Expert

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Problem:

Corn products Corp. ended the year 2011 with an average collection period of 40 days. The firm's credit sales for 2011 were $9 million.

Required:

Question: What is the approximate year-end 2011 balance in accounts receivable for Corn products?

Note: Please provide equation and explain comprehensively and give step by step solution.

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Category:- Basic Finance
Reference No.:- M91148969

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