32-15 Young, Inc. 2018 Statement of comprehensive income ($ in millions) Net sales $1,384 Less: Cost of goods sold 605 Less: Depreciation 180 Earnings before interest and taxes 599 Less: Interest paid 801 Taxable income 519 Less: Taxes 156 Net income $363 Addition to retained earnings $254 Dividends paid 1091 Cash Accounts rec. Inventory Total Young, Inc. 2017 and 2018 Statement of financial position ($ in millions) 2017| 2018 2017 $100 $121 Accounts payable $400 350 425 Notes payable 3901 4401 410 Total $790 $890 $956 Long-term debt 5001 2018 $350 370 $720 550 Young, Inc. 2017 and 2018 Statement of financial position ($ in millions) 2017 2018 2017 2018 Cash $100 $121|Accounts payable $4001 $350 Accounts rec. 350 425|Notes payable 390 370 Inventory 440 410 Total $790 $7201 Total $890 $956 Long-term debt 550 Net fixed assets 1,556 1,704 Common stock 6000 580 Retained earnings 556 810 Total assets $2.446 $2,660 Total liabilities $2,446 $2,660 500 What was the average collection period for 2018? Multiple Choice 92 days Multiple Choice 92 days 112 days 151 days 211 days 256 days