True or False

Year-end #1: Sales 200 with Cash 100 = + long-term debt 100 + capital stock 100 + opening retained earnings 0 + net income 50 + accounts payable 100 accounts receivable 100 inventory 50 - fixed assets 100. Year-end #2: Sales 400 with Cash 100 = + long-term debt 200 + capital stock 100 + opening retained earnings 50 + net income 50 + current liabilities 200 accounts receivable 100 inventory 100 - fixed assets 300. At Year-end #2, accounts receivable represents 91 days (rounded). The firm improved its days in Year #2. Use year-end balances to derive days.