Mr. Husker’s Tuxedos Corp. ended the year 2021 with an average collection period of 36 days....

Mr. Husker’s Tuxedos Corp. ended the year 2021 with an average collection period of 36 days. The firm’s credit sales for 2021 were $55.7 million. What is the year-end 2021 balance in accounts receivable for Mr. Husker’s Tuxedos? (Enter your answer in dollars not in millions.)

Expert Solution

average collection period=(AR/Credit Sales)*365

36=(AR/55,700,000)*365

AR=(36*55,700,000)/365

which is equal to

=$5493698.63(Approx)

jeff jeffy answered 2 years ago

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