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ABC Inc. reported net sales of $18.5 billion in 2022. Its accounts receivable at the beginning of the year were $1.9 billion, and at the end of the year, they were $2.2 billion. Compute the Accounts Receivable Turnover Ratio and the Average Collection Period for ABC Inc.

ABC Inc. reported net sales of $18.5 billion in 2022. Its accounts receivable at the beginning of the year were $1.9 billion, and at the end of the year, they were $2.2 billion. Compute the Accounts Receivable Turnover Ratio and the Average Collection Period for ABC Inc.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please solve this question general accounting

ABC Inc. reported net sales of $18.5 billion in 2022. Its accounts receivable at the beginning of the year were $1.9 billion, and at the end of the year, they were $2.2 billion. Compute the Accounts Receivable Turnover Ratio and the Average Collection Period for ABC Inc.
Transcribed Image Text:ABC Inc. reported net sales of $18.5 billion in 2022. Its accounts receivable at the beginning of the year were $1.9 billion, and at the end of the year, they were $2.2 billion. Compute the Accounts Receivable Turnover Ratio and the Average Collection Period for ABC Inc.
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