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Clovis Industries had sales in Year 1 of $44 million, 30 percent of which were cash. If Clovis normally carries 45 days of credit sales
Clovis Industries had sales in Year 1 of $44 million, 30 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.) Do not round intermediate calculations. Round your answer to the nearest dollar.
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