Please solve this question general accounting ABC Inc. reported net sales of $18.5 billion in 2022. Its accountsreceivable at the beginning of the year were $1.9 billion, and at theend of the year, they were $2.2 billion. Compute the AccountsReceivable Turnover Ratio and the Average Collection Period for ABCInc.

Step 1: Definition of Accounts Receivable Turnover Ratio and Average Collection PeriodThe Accounts…

Answered: ABC Inc. reported net sales of $18.5…

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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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.