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TCBW last year had an average collection period (days sales outstanding) of 29 days based on...

TCBW last year had an average collection period (days sales outstanding) of 29 days based on accounts receivable of $530,000. All of the firm's sales are made on credit. The firm expects sales this year to be the same as last year. However, the company has begun a new credit policy that should lower the average collection period to 22 days. If the new average collection period is attained, what will the firm's accounts receivable balance equal? (Round your answer to zero decimal places.)

Question 7 options:

$370,306

$530,000

$402,069

$485,224

$582,576
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