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Rike Company for the year ended December 31, appears here: 2020 2019 Accounts Receivable,net 180,000 200,000 Inventory 140,000 160,000 Total Assets 1,200,000 800,000 Current Liabilities
Rike Company for the year ended December 31, appears here:
| 2020 | 2019 |
Accounts Receivable,net | 180,000 | 200,000 |
Inventory | 140,000 | 160,000 |
Total Assets | 1,200,000 | 800,000 |
Current Liabilities | 140,000 | 110,000 |
Long-term debt | 400,000 | 300,000 |
Net Credit Sales | 1,330,000 | 700,000 |
Cost of Goods Sold | 900,000 | 530,000 |
Interest Expense | 50,000 | 25,000 |
Income tax expense | 60,000 | 29,000 |
Net Income | 150,000 | 85,000 |
Determine the company's average collection period for 2020.
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