Apple Inc. reported in its 2011 financial statements the following numbers: Table 3 Item Amount (in...
Apple Inc. reported in its 2011 financial statements the following numbers:
| Item | Amount (in millions) |
|---|---|
| Total revenue | 108,000 |
| Cost of revenue | 64,400 |
| Inventory | 776 |
| Account receivables | 13,700 |
| Account payable | 23,900 |
Assuming 360 days a year, what is the average collection period (ACP)?
ACP = days (e.g., 105 days)
Homework Answers
| Receivables turnover = Credit sales/receivables |
| Receivables turnover = 108000/13700 |
| Receivables turnover = 7.88 |
| days of sales outstanding = number of days in a year/receivables turnover |
| days of sales outstanding = 360/7.88 |
| days of sales outstanding = 45.69 |
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Apple Inc. reported in its 2011 financial statements the
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