Granger Company Had $180,000 in Sales on Account Last Year

question 35

Multiple Choice

Granger Company had $180,000 in sales on account last year.The beginning accounts receivablebalance was $10,000,and the ending accounts receivable balance was $18,000.The company's average collection period (age of receivables) was closest to which of the following? Do not round intermediate calculations.

• A) 20.28 days.
• B) 28.39 days.
• C) 36.50 days.
• D) 56.78 days.

---

Definitions:

Graham Wallas

was an English social psychologist and co-founder of the London School of Economics, known for his work on the creative process and political psychology.

Incubation

Incubation is a stage in the creative process where ideas are subconsciously processed, leading to insight or solutions after a period of rest or distraction from the problem.

Extrinsic Motivators

Those motivators that come from outside sources, such as money and fame.

Cognitive Dissonance

The emotional state that results from acting in ways that contradict one’s beliefs or other actions.