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The Foundational 15 (Algo) [LO14-2, LO14-3, LO14-4, LO14-5, LO14-6]

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Markus Companys common stock sold for $1.50 per share at the end of this year. The company paid a common stock dividend of $0.39 per share this year. It also provided the following data excerpts from this years financial statements:

	Ending Balance	Beginning Balance
Cash	$ 24,500	$ 40,800
Accounts receivable	$ 42,000	$ 38,800
Inventory	$ 42,400	$ 42,000
Current assets	$ 108,900	$ 121,600
Total assets	$ 302,000	$ 242,800
Current liabilities	$ 46,500	$ 31,500
Total liabilities	$ 92,000	$ 82,800
Common stock, $1 par value	$ 107,000	$ 107,000
Total stockholders equity	$ 210,000	$ 160,000
Total liabilities and stockholders equity	$ 302,000	$ 242,800

	This Year
Sales (all on account)	$ 480,000
Cost of goods sold	$ 278,400
Gross margin	$ 201,600
Net operating income	$ 32,500
Interest expense	$ 2,000
Net income	$ 21,350

Foundational 14-9 (Algo)

9. What is the accounts receivable turnover and the average collection period? (Use 365 days in a year. Round your intermediate and final answers to 2 decimal places.)