Afirm ended the year with an average collection period of 50 days. the firm's credit sales were $11 million. what is the firm's year-end balance in accounts receivable?

 The approximate year-end 2018 balance in accounts receivable for Corn Products is $1506849.31

Explanation:

For computing the year-end balance of accounts receivable, we have to use the formula of the average collection period which is shown below:

Average collection period = 365 ÷ average accounts receivable

50 = 365 ÷ average accounts receivable ratio

So, average accounts receivable ratio  = 365 ÷ 50 = 7.3

Now, average accounts receivable ratio = Net credit sales ÷ average accounts receivable

7.3 = $11,000,000 ÷ average accounts receivable

So, Average accounts receivable = $11,000,000 ÷ 7.3 = $1506849.31

We assume 365 days in a year

Hence,  the approximate year-end 2018 balance in accounts receivable for Corn Products is $1506849.31

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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