Data from Adame Corporation's most recent balance sheet and income statement appear below:
$\begin{array}{rr}
&\text { This Year } & \text { Last Year } \
\text { Accounts receivable}&\$ 107,000 & \$ 116,000 \
\text {Inventory }&\$ 204,000 & \$ 174,000 \
\text {Sales on account }&\$ 799,000 & \
\text {Cost of goods sold }&\$ 524,000 &
\end{array}$
Required:
Compute the average collection period for this year:

Question

Data from Adame Corporation's most recent balance sheet and income statement appear below: 
$\begin{array}{rr}
&\text { This Year } & \text { Last Year } \
\text { Accounts receivable}&\$ 107,000 & \$ 116,000 \
\text {Inventory }&\$ 204,000 & \$ 174,000 \
\text {Sales on account }&\$ 799,000 & \
\text {Cost of goods sold }&\$ 524,000 &
\end{array}$ 
Required:
Compute the average collection period for this year:

Quizplus · Accepted Answer

The Answer of Data from Adame Corporation's most recent balance sheet and income statement appear below: 
$\begin{array}{rr}
&\text { This Year } & \text { Last Year } \
\text { Accounts receivable}&\$ 107,000 & \$ 116,000 \
\text {Inventory }&\$ 204,000 & \$ 174,000 \
\text {Sales on account }&\$ 799,000 & \
\text {Cost of goods sold }&\$ 524,000 &
\end{array}$ 
Required:
Compute the average collection period for this year:

Data from Adame Corporation's Most Recent Balance Sheet and Income