Bulldogs Inc. currently fills mail orders from all over the country and receipts were received in its head office.  The company’s average accounts receivable is P3,125,000 and is financed by a bank loan with 10%  interest.  Bulldogs is considering a regional lockbox system to speed up collections. This system is projected to reduce the average accounts receivable by 15%.  The annual cost of the lockbox system is P25,000.  What is the estimated net annual savings in implementing the lockbox system? A. P25,750 B. P21,875 C. P22,985 D. P28,455

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