Question

The following financial information is for Annapolis Corporation are for the fiscal years ending 2019 &...

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

$48,000

$44,000

Inventory

42,000

38,000

Net Sales (all credit)

470,000

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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Answer: 35.7 days

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