The 2012,2013,and 2014 partial balance sheets for Ottoman Manufacturing Company appear below. Net credit sales for Ottoman were $126,000 for 2012,$120,000 for 2013 and $114,000 for 2014 while cost of goods sold was $84,000 for 2012,$82,400 for 2013 and $72,500 for 2014.
What is the average collection period for 2014?
A)68.6 days
B)70.5 days
C)74.9 days
D)76.8 days

Question

The 2012,2013,and 2014 partial balance sheets for Ottoman Manufacturing Company appear below.  Net credit sales for Ottoman were $126,000 for 2012,$120,000 for 2013 and $114,000 for 2014 while cost of goods sold was $84,000 for 2012,$82,400 for 2013 and $72,500 for 2014.
What is the average collection period for 2014?
A)68.6 days 
B)70.5 days 
C)74.9 days 
D)76.8 days

Quizplus · Accepted Answer

The Answer of The 2012,2013,and 2014 partial balance sheets for Ottoman Manufacturing Company appear below.  Net credit sales for Ottoman were $126,000 for 2012,$120,000 for 2013 and $114,000 for 2014 while cost of goods sold was $84,000 for 2012,$82,400 for 2013 and $72,500 for 2014.
What is the average collection period for 2014?
A)68.6 days 
B)70.5 days 
C)74.9 days 
D)76.8 days

The 2012,2013,and 2014 Partial Balance Sheets for Ottoman Manufacturing Company