The following financial information is for Annapolis Corporation are for the fiscal years ending 2019 & 2018
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Question:
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 | $30,000 | $50,000 |
Inventory | 42,000 | 38,000 |
Net Sales (all credit) | 440,000 | 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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