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

question 128

Essay

Data from Adame Corporation's most recent balance sheet and income statement appear below:
$\begin{array}{rr}&\text { This Year } & \text { Last Year } \\\text { Accounts receivable}&\$ 107,000 & \$ 116,000 \\\text {Inventory }&\$ 204,000 & \$ 174,000 \\\text {Sales on account }&\$ 799,000 & \\\text {Cost of goods sold }&\$ 524,000 &\end{array}$
Required:
Compute the average collection period for this year:

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Definitions:

Motivation

The process that initiates, guides, and maintains goal-oriented behaviors, driving individuals to act.

Focus Group

A qualitative research method involving a small, demographically diverse group of people whose reactions are studied especially in response to new products or policies.

Group Interview

A method of collecting qualitative data that involves simultaneous interaction with multiple participants to explore their perceptions, ideas, or opinions.

In-Group Review

A process where members of a specific group or community evaluate the work, behavior, or contributions of their peers within the same group.