Apollo Company had net credit sales during the year of 800,000 and cost of goods sold of 500,000. The balance in accounts receivable at the beginning of the year was 100,000, and the end of the year it was 150,000. What were the accounts receivable turnover ratio and the average collection period in days? a. 4.0 and 91.3 days. b. 5.3 and 68.9 days. c. 6.4 and 57 days. d. 8.0 and 45.6 days. ANS: c. 6.4 and 57 days.
Excerpt from file: ApolloCompanyhadnetcreditsalesduringtheyearof800,000andcostofgoodssoldof 500,000.Thebalanceinaccountsreceivableatthebeginningoftheyearwas100,000,andthe endoftheyearitwas150,000.Whatweretheaccountsreceivableturnoverratioandthe averagecollectionperiodindays? a.4.0and91.3days. b.5.3and68.9days.
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