Given the balance sheet for Seneca Maintenance Company, Also given: Sales $120,000 (80% Credit), Net Income $31,500

SENECA MAINTENANCE COMPANY Balance Sheet
Assets		Liabilities
Cash	$15,000	Accounts Payable	$21,000
Accts. Receivable	22,000	Notes Payable	20,000
Inventory	30,000	Accrued Expenses	5,000
Current Assets	67,000	Current Liabilities	46,000
Net Capital Assets	73,000	Long-term Debt	30,000
		Shareholders Equity	64,000
Total Assets	$140,000	Total Liabilities	$140,000

CALCULATE AVERAGE COLLECTION PERIOD

		58 days
		64 days
		45 days
		80 days