You are right on track here with your numbers.Here is a cisco doc that relates to this question;
Q. How many clients can associate to the AP?
A. The AP has the physical capacity to handle 2048 MAC addresses. However, because the AP is a shared medium and acts as a wireless hub, the performance of each user decreases as the number of users increases on an individual AP. Ideally, not more than 24 clients should associate with the AP because the throughput of the AP is reduced with each client that associates to the AP.