The average collection period for Year 2 is: (Assume 365 days a year. Round your intermediate calculations to 2 decimal places and final answer to 1 decimal place.)

5.3 days

5.5 days

68.4 days

71.1 days

Hartzog Corporatlon's most recent balance sheet and Income statement appear below: Statement of FInancial Posltlon December 31, Year 2 and Year 1 (In thousands of dollars) Assets Current assets Cash 220 190 280 Accounts receIvable 300 Inventory 170 180 80 80 Prepaid expenses Total current asset 770 730 Plant and equipment,net 230 640 Total assets S1400 S1370 Liabilities and Stockholders' Equity Current lab lties: Accounts payable S 240 210 Accrued lablittle 60 60 Short term 20 20 Notes payable Total current liabllities 420 390 90 Bond payable TotalMabilities T 590 580 Stockholders' equlty Preferred $100 par value, 3.0% 100 1000 Common stock, S2 par value 400 400 Additional pald-In-Capital-- Common stock 200 200 110 90 Retained earnings S400 Total liabilities & Stockholders' equity Income Statement For the Year Ended December 31, Year 2 (In thousands of dollars) $1.550 Sales (all on account) Cost goods sold 800 Gross margin 750 Selling and administratve expense 65 Net Operating income 135 Interest expense 45 NetIncome before taxes 90 Income taxes 30% 27 63 Net Income DIvidends on common stock during Year 2 totaled $40 thousand. DIVIdends on preferred stock totaled $3 thousand. The market price of common stock at the end of Year 2 was $6.99 per share The average collection period for Year 2 ls: (Assume 365 days a year Round your intermediate calculations to 2 decimal places and final answer to 1 decimal place.) O 5-3 days