Snider sells on tmrs of 2/10, net 45. Total sales for the year are $1,500,000. 30% pay on the 10th day, 70% - on the 50th. What is the day’s sale outstanding?
What is the average amount of receivables? What would have to average receivables if Snider toughened its collection policy with the result that all non discount customers paid on the 45th day?