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Use the following information to answer this question. Thomas Company 2017 Income Statement ($ in millions) Net sales Cost of goods sold Depreciation $
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). 104 $ 1,201 420 $ 781 2016 2017 2016 2017 Cash $ 230 $ 260 Accounts payable $ 1,370 $ 1,385 Accounts rec. 1,000 900 Long-term debt 1,100 1,300 Inventory 1,810 1,695 Common stock 3,340 3,250 Total $ 3,040 Net fixed assets 3,410 $ 2,855 3.970 Retained earnings 640 890 Total assets $ 6,450 $ 6,825 Total liab. & equity $ 6,450 $ 6,825 What is the average collection period for 2017? 34.47 days 28.76 days 45.85 days 50.06 days 38.24 days
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