Question
Use the following information to answer this question. Use the following information to answer this question. Thomas Company 2017 Income Statement ($ in millions) Net
Use the following information to answer this question. 
Use the following information to answer this question. Thomas Company 2017 Income Statement ($ in millions) Net sales Cost of goods sold Depreciation $ 9,530 7,760 465 Earnings before interest and taxes $ 1,305 Interest paid Taxable income Taxes 'Net 'income Thomas Company 2016 and 2017 Balance Sheets ($ in millions) Cash Accounts rec. Inventory Total Net fixed assets 'Total assets 104 $ 1,201 420 $ 781 2016 430 1,000 1,810/ 3,040 3,410 6,450 2017 $ 260 900 $ 2,855 3,970 $ 6,825 Accounts payable Long-term debt Common stock Retained earnings Total liab, & equity 2016 1,370 1,100 3,340 640 6,450 2017 1,385 1,300 3,250 890 6,825 What is the average collection period for 2017?
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Horngrens Accounting
Authors: Tracie L. Miller nobles, Brenda L. Mattison, Ella Mae Matsumura
12th edition
978-0134674681
