Sure, let's walk through the step-by-step process to forecast the accounts receivable using the given annual information.
1. Understand the Given Information:
- Receivable days assumption: 42 days
- Payable days assumption: 51 days (not needed for accounts receivable calculation)
- Forecasted revenue: \$72,000
- Forecasted cost of goods sold: \$64,000 (not needed for accounts receivable calculation)
- Days in period: 365 days
2. Formula to Calculate Accounts Receivable:
The formula for calculating accounts receivable is:
[tex]\[
\text{Accounts Receivable} = \left(\frac{\text{Receivable Days}}{\text{Days in Period}}\right) \times \text{Forecasted Revenue}
\][/tex]
3. Substitute the Values into the Formula:
[tex]\[
\text{Accounts Receivable} = \left(\frac{42}{365}\right) \times 72,000
\][/tex]
4. Perform the Calculation:
- First, calculate the ratio of receivable days to days in the period:
[tex]\[
\frac{42}{365} \approx 0.11507
\][/tex]
- Then, multiply this ratio by the forecasted revenue:
[tex]\[
0.11507 \times 72,000 \approx 8,284.93
\][/tex]
Thus, the accounts receivable forecast is approximately \$8,284.93. Among the given options, this matches closely with 8,285.
So, the correct answer is 8,285.
