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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,
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:
- A) 7 days
- B) 51 days
- C) 53 days
- D) 50 days
- E) None of the above
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