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Question

Given:

Financial information for Aco fiscal years ending 2019 and 2018 (all balances are

normal)

Item/Account 2019 2018

Accounts Receivable $45,000 $30,000

Inventory 40,000 35,000

Net Sales (all credit) 450,000 350,000

Cost of Goods Sold 150,000 150,000

Net income 27,000 24,000

Determine:

accounts receivable average collection period for FY 2019

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