Question
The following financial information isfor Annapolis Corporationarefor the fiscal years ending 2019 & 2018 (all balances are normal): Item/Account 2019 2018 Accounts Receivable $38,000 $42,000
The following financial information isfor Annapolis Corporationarefor the fiscal years ending 2019 & 2018 (all balances are normal):
Item/Account 2019 2018
Accounts Receivable $38,000 $42,000
Inventory 42,000 38,000
Net Sales (all credit) 320,000 350,000
Cost of Goods Sold 154,000 152,000
Net Income 27,200 24,800
Use this information to determinetheaccounts receivable averagecollection period for FY 2019.(Use 365 day year.Round your answers to one decimal place.)
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Accounting What the Numbers Mean
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele
10th edition
9780077515904, 007802529X, 77515900, 978-0078025297
