HM Industries has a beginning receivables balance on January 1st of $420.Sales for January through April are $340,$250,$330,and $240,respectively.The accounts receivable period is 60 days.How much did the firm collect in the month of April? Assume a 360 day year.
A) $240
B) $250
C) $330
D) $290
E) $340
Correct Answer:
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