Santiago Company's financial statements follow

In 2014, using total revenues, Santiago's average collection period for accounts and notes receivable is

aantiago Gompany Consolidated Statements of Income (Adapted) Years Ended December 31, 2014 and 2013 (In millions, except per share data) 2014 2013 Revenues 12,800 11,100 Sales by Company-operated restaurants 4,340 3,700 Revenues from franchised and affiliated restaurants 14.800 17,140 Total revenues 3,885 2,560 Food and paper (Cost of goods sold) 3,500 3,700 Payroll and employee benefits 2,600 3,500 Occupancy and other operating expenses 860 948 Franchised restaurants- occupancy expenses 1,710 1,815 Selling, general, and administrative expenses 830 520 other operating expense, net 13.043 13,385 Total operating expenses perating Income 4,097 Interest expense 400 390 other nonoperating expense, net 963 3,607 Income before income taxes 1,443 Income tax expense 626 2.164 Net income Per common share basic 0.96 3.09 Net Income 0.65 n sha