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Johnson Inc. had sales of $42,500,000 in 2019. Its average accounts receivable period, which is also known as the average

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Johnson Inc. had sales of $42,500,000 in 2019. Its average accounts receivable period, which is also known as the average collection period (ACP), for the year was 34.5 days. Assuming a 365-day year, what was your average investment in accounts receivable for 2019? Round your answer to the nearest dollar.

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Foundations of Financial Management

Foundations of Financial Management

ISBN: 978-1259024979

10th Canadian edition

Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta

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Question Details
Chapter # 8- Sources of Short-Term Financing
Section: Mini Cases
Problem: 1
Posted Date: September 11, 2023 02:32:54
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