Wrangler, Inc. has a beginning receivables balance on February 1 of $680. Sales for February through May are $310, $340, $360, and $400, respectively. The accounts receivable period is 30 days. How much did the firm collect in the month of May? Assume that a year has 360 days.
A) $340.00
B) $360.00
C) $373.33
D) $386.67
E) $400.00
Correct Answer:
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