Use the following financial statements to answer Y through 7. Income Statement Sales Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Taxes Income Taxes Net Income 315500 236100 79400 49200 2200 28000 4200 23800 Balance Sheet Assets: Accounts Receivable Cash Inventory Notes Receivable - ST Plant Assets Prepaid Expenses ST investments Total Assets 12100 6100 13500 3000 73900 2000 6900 117500 Liabilities & Equity Accounts Payable Income Taxes Payable Notes Payable-LT Wages Payable Common Stock Retained Earnings Total Labilities & Equity 11500 2600 30000 3300 35000 35100 127500 Current Ratio Organizations would be most pleased if their Average Collection Periods were A) 60 days B) 45 days C) 30 days D) 15 days Average Collection Period Days Sales in Inventory 8) Debt Ratio Profit Margin