Data from Dunshee Corporation's Most Recent Balance Sheet Appear Below

question 87

Multiple Choice

Data from Dunshee Corporation's most recent balance sheet appear below: Sales on account in Year 2 amounted to $1,170 and the cost of goods sold was $730. The average sale period for Year 2 is closest to:

• A)28.1 days
• B)45.0 days
• C)50.0 days
• D)227.7 days

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Definitions:

Items Reported

Specific financial data points or transaction details disclosed in a company’s financial statements.

Accounting

Accounting is the systematic process of recording, measuring, and communicating financial information about an entity, facilitating decision making and financial management.

Credit Balance

The amount of money a business owes to its creditors, represented as a liability on the balance sheet.

Gain on Sale of Land

The financial profit earned from selling land for more than its purchase cost.