Brown Corporation had average days of sales outstanding of 22 days in the most recent fiscal year. Brown wants to improv
Posted: Thu May 19, 2022 12:37 am
Brown Corporation had average days of sales outstanding of 22
days in the most recent fiscal year. Brown wants to improve its
credit policies and collection practices and decrease its
collection period in the next fiscal year to match the industry
average of 14 days. Credit sales in the most recent fiscal year
were $473 million, and Brown expects credit sales to increase to
$550 million in the next fiscal year. To achieve Brown’s goal
of decreasing the collection period, what is the change in the
average accounts receivable balance that must occur?
Brown Corporation had average days of sales outstanding of 22 days in the most recent fiscal year. Brown wants to improve its credit policies and collection practices and decrease its collection period in the next fiscal year to match the industry average of 14 days. Credit sales in the most recent fiscal year were $473 million, and Brown expects credit sales to increase to $550 million in the next fiscal year. To achieve Brown's goal of decreasing the collection period, what is the change in the average accounts receivable balance that must occur? million (Assume 1 year=365 days. Calculate to two decimal places, X.XX. Use – sign for decrease.)
days in the most recent fiscal year. Brown wants to improve its
credit policies and collection practices and decrease its
collection period in the next fiscal year to match the industry
average of 14 days. Credit sales in the most recent fiscal year
were $473 million, and Brown expects credit sales to increase to
$550 million in the next fiscal year. To achieve Brown’s goal
of decreasing the collection period, what is the change in the
average accounts receivable balance that must occur?
- Brown Corporation Had Average Days Of Sales Outstanding Of 22 Days In The Most Recent Fiscal Year Brown Wants To Improv 1 (92.02 KiB) Viewed 39 times