Asset management ratios corn products corp ended the year, Financial Management

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Asset management ratios corn products corp ended the year

Asset Management Ratios Corn Products, Corp. ended the year 2008 with an average collection period of 35 days. The firm's credit sales for 2008 were $10.4 million. What is the year-end 2008 balance in accounts receivable for Corn Products? (Consider a 365 days a year.)

$0.2971 million

$3.3654 million

$0.9973 million

$364 million

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