Question
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.)
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Financial ACCT2
Authors: Norman H. Godwin, C. Wayne Alderman
2nd edition
9781285632544, 1111530769, 1285632540, 978-1111530761
