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mariasmakatof mariasmakatof
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9 months ago

Ribaudo Corporation has provided the following financial data from its balance sheet and income statement:

Year 2Year 1
Cash$ 74,000$ 130,000
Accounts receivable, net$ 255,000$ 240,000
Inventory$ 173,000$ 180,000
Total current assets$ 564,000$ 610,000
Total assets$ 1,350,000$ 1,330,000
Accounts payable$ 170,000$ 160,000
Total liabilities$ 633,000$ 620,000
Total stockholders' equity$ 717,000$ 710,000
Sales (all on account)$ 1,290,000
Cost of goods sold$ 700,000

The company’s average collection period for Year 2 is closest to: (Round your intermediate calculations to 2 decimal places.)



▸ 70.1 days

▸ 1.1 days

▸ 72.1 days

▸ 1.0 days
Textbook 
Introduction to Managerial Accounting: Brewer Edition: 9e

Introduction to Managerial Accounting: Brewer Edition: 9e


Edition: 9th
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birdnuggetbirdnugget
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