Question: Problem 7-22 (Algo) Credit policy decision with changing variables [LO7-4] Dome Metals has credit sales of $216,000 yearly with credit terms of net 45 days,

Problem 7-22 (Algo) Credit policy decision with changing variables [LO7-4] Dome Metals has credit sales of $216,000 yearly with credit terms of net 45 days, which is also the average collection period. Dome does not offer a discount for early payment, so its customers take the full 45 days to pay. a. What is the average recelvables balance? Note: Use a 360-day year. b. What is the receivables turnover? Note: Use a 360-day year

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