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

question 47

Multiple Choice

Data from Keniston Corporation's most recent balance sheet and income statement appear below:
$\begin{array}{lll}&\text { This Year}&\text { Last Year }\\\text { Accounts receivable ........ } & \$ 128,000 & \$ 114,000 \\\text { Inventory .................... } & \$ 228,000 & \$ 193,000 \\\text { Sales on account ........... } & \$ 813,000 & \\\text { Cost of goods sold.......... } & \$ 597,000 &\end{array}$ The average collection period for this year is closest to:

• A) 39.1 days
• B) 45.1 days
• C) 54.3 days
• D) 57.5 days

---

Definitions:

Wheat Farming

The cultivation of wheat crops, a significant agricultural practice critical for food production worldwide.

Mechanized Agriculture

The use of machinery in farming, such as tractors and combine harvesters, to increase efficiency, productivity, and crop yields, replacing manual labor and traditional methods.

Texas Rangers

The Texas Rangers are a law enforcement agency with statewide jurisdiction in Texas, known for its role in the history and lore of the American West.

Mirabeau Lamar

A prominent figure in Texas history, serving as the second President of the Republic of Texas and known for his opposition to the annexation of Texas to the United States.