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

Question 128

Essay

Data from Adame Corporation's most recent balance sheet and income statement appear below:
 This Year  Last Year  Accounts receivable$107,000$116,000Inventory $204,000$174,000Sales on account $799,000Cost of goods sold $524,000\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:

Correct Answer:

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Average accounts receivable balance = ($...

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