E: 3 Knight Roundtable Co. has annual credit sales of $576,000 and an average collection period of 40 days in 2008. What is the company’s average

E: 3

Knight Roundtable Co. has annual credit sales of $576,000 and an average collection period of 40 days in 2008.

What is the company’s average accounts receivable balance? (Use a 360-day year.)

Average accounts receivable balance $