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Question: The Bates Corporation has annual credit sales of $29 million. The average collection period is 31 days.

What is the average investment in accounts receivable as shown on the balance sheet? (Enter your answer in dollars, not millions of dollars, e.g., 1,234,567. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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Category:- Basic Finance
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