Use the following to answer questions
Missoula Inc.reported the following selected financial statement data:
-Required: Compute the average collection period (rounded to one decimal place)for 2016.
Definitions:
Net Income
The total earnings of a company after subtracting all expenses, including taxes and operating costs, from its total revenues.
Salary Allowances
Benefits or extra compensation provided to employees on top of their regular salary, often for specific purposes such as transportation, housing, or meals.
Original Investments
The initial capital outlay for an investment, not including any subsequent costs incurred or income earned from the investment.
Net Loss
The amount by which total expenses exceed total revenues in a business, indicating a financial loss over a specific period.
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