Clovis Industries had sales in 2010 of $40 million, 20 percent of which were cash. If Clovis
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Clovis Industries had sales in 2010 of $40 million, 20 percent of which were cash. If Clovis normally carries 45 days of credit sales in accounts receivable, what are its average accounts receivable balances? (Assume a 365-day year.) k-63
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