Chapter 6 practice problems

The 2011 income statements of Leggett & Platt, Inc. reports net sales of $3,636.0 million. The balance sheet reports accounts receivable, gross of $527.9 million at December 31, 2011 and $501.0 million at December 31, 2010. The average collection period in 2011 was:

1. A) 7 days
2. B) 51 days
3. C) 53 days
4. D) 50 days
5. E) None of the above