MEGAFRAME COMPUTER COMPANY Balance Sheet As of December 31 \begin{tabular}{|l|r|} \hline ASSETS & \\ \hline Cash & $50,000 \\ \hline Accounts receivable & $70,000 \\ \hline Inventory & $110,000 \\ \hline Net plant and equipment & $220,000 \\ \hline Total assets & $450,000 \\ \hline LIABILITIES AND STOCKHOLDERS' EQUITY & $70,000 \\ \hline Accounts payable & $50,000 \\ \hline Accrued expenses & $130,000 \\ \hline Long-term debt & $70,000 \\ \hline Common stock & $40,000 \\ \hline Paid-in capital & $50,000 \\ \hline \end{tabular} MEGAFRAME COMPUTER COMPANY Income Statement For the year ended December 31 Refer to the tables above. What is the firm's average collection period? Assume a 360-day calendar year. 29 days 25 days 13 days 20 days