During 2015 Hemlo Inc. (Hemlo) reported revenue of ($3,250,000). During 2015 the average collection period for accounts

Question:

During 2015 Hemlo Inc. (Hemlo) reported revenue of $$3,250,000$. During 2015 the average collection period for accounts receivable was 38 days. Accounts receivable at the end of 2016 was 10 percent greater than at the end of 2015. What was Hemlo’s average accounts receivable for 2016?

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