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Albert Ltd sells goods on cash as well as credit. The following particulars are extracted from their books of account. Total Gross Sales $150,000 Cash

Albert Ltd sells goods on cash as well as credit. The following particulars are extracted from their books of account.

Total Gross Sales $150,000

Cash sales (included in above) $ 35,000

Accounts Receivable $ 15,000

Accounts Payable $ 10,000

Required: calculate

(i) Accounts Receivable Turnover Ratio (3 Marks) (ii) Average Collection period (3 Marks)

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