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Home Q & A Board Other Fields Homework Help Business Accounting
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dkwilson dkwilson
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A year ago
The 2020, 2021, and 2022 partial balance sheets for Ottoman Manufacturing Company appear below.

​​202020212022
Current assets​​​
  Cash$  20,000$  16,000$  14,000
  Accounts receivable, net28,00020,00024,000
  Inventory    22,000    30,000    28,000
Total current assets70,00066,00066,000
Plant & equipment, net    62,000    60,000    40,000
Total assets$132,000$126,000$106,000

Net credit sales for Ottoman were $126,000 for 2020, $120,000 for 2021 and $114,000 for 2022, while cost of goods sold was $84,000 for 2020, $82,400 for 2021 and $72,500 for 2022.

What is the average collection period for 2022?

▸ 74.9 days

▸ 70.5 days

▸ 76.8 days

▸ 68.6 days
Textbook 
Managerial Accounting

Managerial Accounting


Edition: 4th
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vicky12345vicky12345
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A year ago
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dkwilson Author
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A year ago
Good timing, thanks!
GeorgeNeist
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Yesterday
Thanks
KaylenePig
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2 hours ago
this is exactly what I needed
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