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Elsee, Inc., has net sales of $15 million, and 75 percent of these are credit...

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Finance

Elsee, Inc., has net sales of $15 million, and 75 percent of these are credit sales. Its cost of goods sold is 65 percent of annual net sales. The firms cash conversion cycle is 56.0 days. The inventory balance at the firm is $1,591,000, while its accounts payable balance is $2,068,000. What is the firms accounts receivable balance? (Round intermediate calculations to 1 decimal places, e.g. 15.1. and final answer to nearest whole dollar, e.g. 5,275.)

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