Question
In: Finance
What is the year-end 2021 balance in accounts receivable for Mr. Husker’s Tuxedos?
Mr. Husker’s Tuxedos Corp. ended the year 2021 with an average collection period of 42 days. The firm’s credit sales for 2021 were $57.1 million.
What is the year-end 2021 balance in accounts receivable for Mr. Husker’s Tuxedos? (Enter your answer in dollars not in millions.)
Solutions
Expert Solution
Average Collection Period is = (Accounts Receivable / Credit Sales) * 365
42 = (Accounts Receivable / 57.1) * 365
Accounts Receivable = 42 * 57.1 / 365
Accounts Receivable = $6.57 mn
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