By obtaining a lockbox, Sunlands Manufacturing was able to reduce its total cash collection time by two days. The firm has annual sales of $573,050
By obtaining a lockbox, Sunlands Manufacturing was able to reduce its total cash collection time by two days. The firm has annual sales of $573,050 and can earn 5.00 percent annual interest. Assuming that the lockbox costs $38 per year, calculate the savings that can be attributed to the lockbox. (Use 365 days for calculation. Round answer to 2 decimal places, e.g. 12.25.)
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Authors: Mike E. Miles, Laurence M. Netherton, Adrienne Schmitz
5th Edition
0874203430, 978-0874203431
