13 ) ABC Co. has an average collection period of 90 days for its accounts receivable. If total credit sales for the year were $6,000,000, what is the balance in accounts receivable at year-end? Assume a 360-day calendar year.

A) $150,000

B) $2,250,000

C) $1,500,000

D) $40,000

14 ) If ABC's sales are $1,000,000, while accounts receivable is $100,000, inventory is $45,000, and fixed assets are $132,000, what is ABC's fixed asset turnover?

A) 7.58

B) 10.00

C) 0.13

D) 22.22

15 ) In using a systems approach to financial planning, it is necessary to develop a

A) pro forma income statement.

B) cash budget.

C) production plan.

D) All of the options are true.