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Troyanec [42]
3 years ago
15

Asset Management Ratios Mr. Husker’s Tuxedos Corp. ended the year 2015 with an average collection period of 32 days. The firm’s

total sales for 2015 were $56.1 million. What is the year-end 2015 balance in accounts receivable for Mr. Husker’s Tuxedos?
Business
1 answer:
QveST [7]3 years ago
4 0

Answer:

$4,918,356

Explanation:

We know that

Average collection period in days = (Account receivable ÷ credit sales) × total number of days in a year

32 days = (Accounts receivable ÷ $56.1 million) × 365 days

So, the accounts receivable would be

= (32 days × $56,100,000) ÷ 365 days

= $4,918,356

Simply we apply the average collection period formula so that the accurate amount can come.

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7 0
1 year ago
It is safe to use your bright headlights if there is a car ahead of you within 300 feet. True or False?
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True.
At 200 feet you turn on low beams :)
6 0
3 years ago
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