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Determine the average receivables balance

Problem:

Maddox Resources has credit sales of $180,000 yearly with credit terms of net 30 days, which is also the average collection period. Maddox does not offer a discount for early payment, so its customers take the full 30 days to pay. What is the average receivables balance? What is the receivables turnover?

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Finance Basics: Determine the average receivables balance

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Finance Basics: Determine the average receivables balance

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