Problem: ABC Company reported net sales revenue of $2,880,000 during 2005 and an average collection period of 45.625 days. ABC Company reported accounts receivable of $400,000 on the December 31, 2005 balance sheet. Calculate the amount of accounts receivable at January 1, 2005.

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ABC Company reported net sales revenue of $2,880,000 during 2005 and an average collection period of 45.625 days. ABC Company reported accounts receivable of $400,000 on the December 31, 2005 balance sheet.

Calculate the amount of accounts receivable at January 1, 2005.

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