Hartzog Corporation's Most Recent Balance Sheet and Income Statement Appear

question 148

Multiple Choice

Hartzog Corporation's most recent balance sheet and income statement appear below: Dividends on common stock during Year 2 totaled $60 thousand. Dividends on preferred stock totaled $5 thousand. The market price of common stock at the end of Year 2 was $7.04 per share.
-The average collection period for Year 2 is closest to:

• A)0.9 days
• B)70.3 days
• C)1.1 days
• D)67.6 days

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Definitions:

Mean

The arithmetic average of a set of numbers, calculated by dividing the sum of these numbers by the count of the numbers in the set.

Probability Of Success

The likelihood of achieving a favorable outcome in a binomial setting or experiment.

Constant

A fixed value that does not change.

Binomial Distribution

A probability distribution expressing the probability of a fixed number of successes in a fixed number of trials, with only two possible outcomes.