7. Darlas Cosmetics has annual credit sales of $1,440,000 and an average collection period of 45 days
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7. Darla’s Cosmetics has annual credit sales of $1,440,000 and an average collection period of 45 days in 2008. Assume a 360-day year.
What is the company’s average accounts receivable balance? Accounts receivable are equal to the average daily credit sales times the average collection period.
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Related Book For 
Foundations Of Financial Management
ISBN: 9780073382388
13th Edition
Authors: Stanley B. Block, Geoffrey A. Hirt, Bartley R. Danielsen
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