Question: Please explain how to find answer, if possible use financial calculator. Galambos Corporation had an average receivables collection period of 19 days in 2019. Galambos

 Please explain how to find answer, if possible use financial calculator.

Please explain how to find answer, if possible use financial calculator.

Galambos Corporation had an average receivables collection period of 19 days in 2019. Galambos has stated that it wants to decrease its collection period in 2020 to match the industry average of 15 days. Credit sales in 2019 were $300 milion, and analysts expect credit sales to increase to $400 million in 2020 . To achieve the company's goal of decreasing the collection period, the change in the average accounts receivable balance from 2019 to 2020 that must occur is closest to: $420,000 $420.000 5830.000

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