Question
Guttery Corporation has provided the following financial data from its balance sheet: Year 2 Year 1 Accounts receivable, net $ 112,000 $ 110,000 Inventory $
Guttery Corporation has provided the following financial data from its balance sheet:
| Year 2 | Year 1 | |||||
| Accounts receivable, net | $ | 112,000 | $ | 110,000 | ||
| Inventory | $ | 174,000 | $ | 150,000 | ||
| Total assets | $ | 1,236,000 | $ | 1,250,000 | ||
Sales on account in Year 2 totaled $1,450,000 and cost of goods sold totaled $900,000.
The companys average collection period for Year 2 is closest to: (Round your intermediate calculations to 2 decimal places.)
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Fundamental Managerial Accounting Concepts
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old
7th edition
978-0077632427, 77632427, 78025656, 978-0078025655
