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The Malibu Corporation has annual credit sales of $25 million. The average collection ...

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Question

Accounting

The Malibu Corporation has annual credit sales of $25 million. The average collection
period is 27 days. What is the average investment in accounts receivable as shown on
the balance sheet? (Do not round intermediate calculations and enter your answer in
dollars, not millions of dollars, rounded to 2 decimal places, e.g.,1,234,567.89.)
Average receivables
image

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