Question
Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): 2021 2020 Accounts
Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions):
| 2021 | 2020 | ||||||
| Accounts receivable (net) | $ | 28 | $ | 10 | |||
| Net sales | $ | 123 | $ | 108 | |||
| Cost of goods sold | $ | 68 | $ | 63 | |||
| Net income | $ | 28 | $ | 25 | |||
| Inventory turnover | 5.60 | ||||||
| Return on assets | 11.00 | % | |||||
| Equity multiplier | 2.44 | ||||||
Dowling's 2021 average collection period is:
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GAO Yellow Book Government Auditing Standar
Authors: Comptroller General United States Government
2011edition
1479245577, 978-1479245574
