Herbert Wong has extracted the following information from her income statement and balance sheet for 2021 and 2020: 20212020Profit After Tax$656,810$672,346Cost of Sales$54,269$53,251Sales Revenue$259,368$212,962Inventory$35,505$45,285Accounts payable$120,483$129,398Accounts receivable (Debtors)$59,498$79,380Owner's Equity $1,523,999$1,131,784 Based on the information provided, calculate the Days in Accounts Receivable for 2021, expressed in days to 2 decimal places.

The days in Accounts Receivable period indicates the days of credit sales. It can be calculated by…

Answered: Herbert Wong has extracted the…

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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Herbert Wong has extracted the following information from her income statement and balance sheet for 2021 and 2020:

	2021	2020
Profit After Tax	$656,810	$672,346
Cost of Sales	$54,269	$53,251
Sales Revenue	$259,368	$212,962
Inventory	$35,505	$45,285
Accounts payable	$120,483	$129,398
Accounts receivable (Debtors)	$59,498	$79,380
Owner's Equity	$1,523,999	$1,131,784

Based on the information provided, calculate the Days in Accounts Receivable for 2021, expressed in days to 2 decimal places.

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