The following financial information is for Annapolis Corporation for the fiscal years ending 2019 and 2018 (all
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Question:
The following financial information is for Annapolis Corporation for the fiscal years ending 2019 and 2018 (all balances are normal)
ITEM 2019 2018
accounts receievable 42,000 48,000
inventory 42,000 38,000
net sales (all credit) 300,000 350,000
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)
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