1. ABC Co. has an average collection period of 90 days. Total credit sales for the year were $6,000,000. What is the balance in accounts receivable at year-end?
$150,000
$2,250,000
$1,500,000
$40,000
2. Total assets are $20,000, fixed assets are $5,000, long-term debt is $4,000, and short-term debt is $1,000. What is the amount of net working capital?
$14,000
$21,000
$15,000
$11,000