Question
The following financial information isfor Annapolis Corporationarefor the fiscal years ending 2019 & 2018 (all balances are normal): Item/Account 2019 2018 Accounts Receivable 2019 -
The following financial information isfor Annapolis Corporationarefor the fiscal years ending 2019 & 2018 (all balances are normal):
Item/Account
2019
2018
Accounts Receivable
2019 - $48,000
2018 - $44,000
Inventory
2019- 42,000
2018- 38,000
Net Sales (all credit)
2019- 350,000
2018- 350,000
Cost of Goods Sold
2019- 154,000
2018- 152,000
Net Income
2019- 27,200
2018- 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 Information Systems
Authors: George H Bodnar, William S Hopwood
10th Edition
013609712X, 978-0136097129
