Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Johnson Inc. had sales of $ 4 1 9 2 0 5 5 7 in 2 0 2 0 . Their average receivables period, which

Johnson Inc. had sales of $41920557 in 2020. Their average receivables period, which is also known as average collection period (ACP), for the year was 35.2 days. Assuming a 365 day year, what was their average investment in accounts receivable for 2020?(Hint: If this question was from chapter 3, you would be solving for the ending accounts receivable balance, using the exact same method). Round your answer to the closest dollar.
Average investment in accounts receivable = $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurial Finance

Authors: M. J. Alhabeeb

1st Edition

1118691512, 978-1118691519

More Books

Students also viewed these Finance questions