The average collection period measures the number of days it takes Pepsi to collect its bills. But Pepsi also delays paying its own bills. Use the information in Tables A.7 and A.9 to calculate the average number of days that it takes the company to pay its bills.

INCOME STATEMENT FOR PEPSICO, INC., 1998 (figures in millions of dollars) Net sales Cost of goods sold Other expenses Selling, general, and administrative expenses Depreciation Earnings before interest and taxes (EBIT) Net interest expense Taxable income Taxes Net income $22,348 9,330 291 8,912 1,234 2,581 321 2,260 270 1,990 Allocation of net income Addition to retained earnings Dividends 1,233 757