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It Takes Your Firm 3

question 53

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It takes your firm 3.5 days to prepare and mail out the monthly statements to your customers. On average, the mail time between your firm and your customers is 4.5 days. Customer checks take an average of 3 days to clear the bank. You have determined that your total collection time is 13 days. How long on average does it take your firm to process the payments from customers?


Definitions:

LANs

Local Area Networks (LANs) are networks that connect computers and devices in a limited geographical area such as a home, school, or office building, facilitating communication and resource sharing.

Rohingya Muslim

A minority Muslim ethnic group primarily located in Myanmar, facing significant persecution and displacement.

Facebook

A popular social networking platform that allows users to create profiles, post updates, share content, and connect with friends and family online.

PANs

Short for Personal Area Networks, these are networks centered around an individual’s workspace for personal devices to connect and communicate.

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