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Johnson Inc. had sales of $42,500,000 in 2015. Their average receivables period, which is also known as average collection period (ACP), for the year was
Johnson Inc. had sales of $42,500,000 in 2015. Their average receivables period, which is also known as average collection period (ACP), for the year was 35 days. Assuming a 365 day year, what was their average investment in accounts receivable for 2015? (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.
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