Zemrowski Company Has the Following Data Available What Is the Average Collection Period for the Fiscal Year

question 101

Multiple Choice

Zemrowski Company has the following data available:
$\begin{array} { l } \text {Credit Sales for the year ended December 31,2015 }&\$500 \\ \text { Cash Sales for the year ended December 31,2015 }&\$ 400\\ \text {Cost of Goods Sold for the year ended December 31,2015 }&\$290 \\ \text { Total Accounts Receivable, December 31, 2015}&\$200 \\ \text {Total Accounts Receivable, December 31, 2014 }&\$100 \\ \text { Total Inventory, December 31, 2015}&\$200 \\ \text {Total Inventory, December 31, 2014 }&\$250 \\\end{array}$

What is the average collection period for the fiscal year ending December 31,2015?

• A) 110 days
• B) 150 days
• C) 220 days
• D) 283 days

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Definitions:

Hormone

Chemical messengers produced by glands in the endocrine system, released into the bloodstream to regulate physiological and behavioral activities.

Haploid

A cell or organism having a single set of chromosomes.

Zygote

A fertilized egg cell that results from the fusion of male and female gametes.

Gametophyte

The haploid phase in the life cycle of plants and algae that produces the gametes (sperm and eggs) through mitosis.