Question Completion Status: QUESTION 3 Table 1 Smith Company Balance Sheet and selected Income Statement data $300,000 2,215,000 1,837,500 24,000 $3,286,500 2,700,000 1,087,500 $1,612,500 $4,899,000 Assets: Cash and marketable securities Accounts receivable Inventories Prepaid expenses Total current assets Fixed assets Less accumulated depreciation Net fixed assets Total assets Liabilities: Accounts payable Notes payable Accrued taxes Total current liabilities Long-term debt Owner's equity Total liabilities and owner's equity Net sales (all credit) Less: Cost of goods sold Selling and administrative expense Deprecation expense Interest expense Earrings before taxes Income taxes Net income Common stock dividends Change in retained earnings $240,000 825,000 42.500 $1,107,000 975,000 2.817,000 $4.899,000 $6,375,000 4,312,500 1,387,500 135,000 127000 $412,500 225000 $187500 $97,500 $90,000 Based on the information in Table 1, the average collection period is a. 71 days in Radaus Click Save and Submit to save and submit. Click Save All Answers to save all answers MacBook E J007 DUU $1,612,500 $4,899,000 LESS. accumulatu ue preciador Net fixed assets Total assets Liabilities: Accounts payable Notes payable Accrued taxes Total current liabilities Long-term debt Owner'sequity Total liabilities and owner's equity Net sales (all credit) Less: Cost of goods sold Selling and administrative expense Depreciation expense Interest expense Earnings before taxes Income taxes Net income Common stock dividends Change in retained earnings $240,000 825,000 42.500 $1,107,000 975,000 2.817,000 $4,899,000 $6,375,000 4,312,500 1,387,500 135,000 127,000 $412500 225,000 $187500 $97,500 $90,000 Based on the information in Table 1, the average collection period is a. 71 days. b. 84 days. c. 64 days. d. 127 days. QUESTION 4 The difference between the quick ratio and current ratio comes from the exclusion a. debt. Click Save and Submit to save and submit. Click Save All Answers to save all answers