Problemrocket city space camp has annual credit sales of 16, Ask an Expert

Finance

Problem:

Rocket City Space Camp has annual credit sales of $16 million. The average collection period is 35 days.

Required:

Question: What is the average investment in accounts receivable as shown on the balance sheet?

A. $646,000

B. $824,000

C. $1,408,888

D. $1,534,247

E. $1,693,134

Note: Please provide reasons to support your answer.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91163241

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