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Accounts receivable collection policy?

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(Accounts receivable collection policy?)

The Cowboy Bottling Company will generate ?$10 million in credit sales next year. Collection of these credit sales will occur evenly over this period. The? firm's employees work 320 days a year.? Currently, the? firm's processing system ties up 5 ?days' worth of remittance checks. A recent report from a financial consultant indicated procedures that will enable Cowboy Bottling to reduce processing float by 1 full days. If Cowboy invests the released funds to earn 9 ?percent, what will be the annual? savings?

The annual savings on the new processing system will be ?$ ?(Round to the nearest? dollar.)

 

Reference no: EM132589301

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