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Greg's Bakery has the following accounts and amounts for 2013. Based on this information, what is Greg's average collection period for 2013? Account Title Balance
Greg's Bakery has the following accounts and amounts for 2013. Based on this information, what is Greg's average collection period for 2013? |
Account Title | Balance |
Accounts receivable, 1/1 | 35,000 |
Cost of goods sold | 85,000 |
Sales revenue | 230,000 |
Accounts receivable, 12/31 | 20,500 |
Total assets, 1/1 | 170,000 |
Inventory, 12/31 | 12,100 |
Total assets, 12/31 | 140,500 |
Inventory, 1/1 | 18,500 |
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