Excerpts from Michael Organization's December 31, 2018 and 2017, financial statements are presented below: 2017 2018 Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity Net income $ 40,000 $ 28,000 190,000 114,000 425,000 240,000 32,500 $ 36,000 35,000 186,000 108,000 405,000 225,000 28,000 Michael's 2018 average collection period is 73 Days O 109 Days 104 Days 65 Days