Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following financial information is for Annapolis Corporation are for the fiscal years ending 2019 & 2018 (all balances are normal): Item/Account 2019 2018 Accounts
The following financial information is for Annapolis Corporation are for the fiscal years ending 2019 & 2018 (all balances are normal):
Item/Account | 2019 | 2018 |
Accounts Receivable | $30,000 | $50,000 |
Inventory | 42,000 | 38,000 |
Net Sales (all credit) | 440,000 | 350,000 |
Cost of Goods Sold | 154,000 | 152,000 |
Net Income | 27,200 | 24,800 |
Use this information to determine the accounts receivable average collection period for FY 2019. (Use 365 day year. Round your answers to one decimal place.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started