Allied Industries, Inc.

Selected Income Statement Items, 2017

Cash Sales$1,500,000

Credit Sales$7,500,000

Total Sales$9,000,000

COGS$6,000,000

Allied Industries, Inc.

Selected Balance Sheet Accounts

12/31/201712/31/2016Change

Accounts Receivable$270,000$240,000$30,000

Inventory$125,000$100,000$25,000

Accounts Payable$110,000$90,000$20,000

47) Using the information provided, what is the collection cycle for the firm?

A) 6.84 days

B) 7.60 days

C) 10.34 days

D) 12.41 days

48) Using the information provided, what is the accounts payable turnover for the firm?

A) 15 times

B) 60 times

C) 75 times

D) 90 times

49) Using the information provided, what is the accounts payable cycle for the firm?

A) 4.06 days

B) 4.87 days

C) 6.08 days

D) 24.33 days