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NEW QUESTION: 1

A. Option E
B. Option D
C. Option C
D. Option B
E. Option A
Answer: C,D,E

NEW QUESTION: 2
Net credit sales total $355,000. The beginning accounts receivable balance was $15,000 and the ending accounts receivable balance is currently $21,000. Assuming a 365-day year, what is the average number of days required to collect accounts receivable?
A 17 55
B. 18.51
C. 19.72
Answer:
Explanation:
B
Explanation: The average number of days required to collect accounts receivable is determined by dividing 365 (days) by the turnover rate. The turnover rate is $355,000/$18,000 = 19.72. When 365 days is divided by 19.72, the average number of days for collections (365 days/19.72) equals 18.51 days.