Cyclone Inc

question 95

Essay

Cyclone Inc.reported the following figures from its financial statements for the years 2018 through 2020:
A.Calculate the accounts receivable turnover for 2020 and 2019.
B.Calculate the average collection period for 2020 and 2019.

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Definitions:

Negligently

Acting with a lack of care or concern for the consequences of one's actions, usually resulting in harm or damage to others.

Apparent Authority

A legal concept where a person appears to have the authority to act on behalf of another (such as an employer) and third parties reasonably believe in that authority.

Actual Authority

The express and implied powers given by a principal to an agent to enter into contracts or take action on the principal's behalf.

Good Faith

A sincere intention to deal fairly with others without any intention to defraud or seek an unfair advantage.