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

question 163

Multiple Choice

Data from Keniston Corporation's most recent balance sheet and income statement appear below: $\begin{array}{ll}&\text { This Year } & \text { Last Year } \\\text {Accounts receivable. }&\$ 128,000 & \$ 114,000 \\\text {Inventory. }&\$228,000 & \$ 193,000 \\\text {Sales on account. }&\$813,000 & \\\text {Cost of goods sold }&\$ 597,000 &\end{array}$ The average collection period for this year is closest to:

• A)39.1 days
• B)45.1 days
• C)54.3 days
• D)57.5 days

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Definitions:

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The level of challenge involved in achieving a particular objective, which can affect motivation and effort.

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The extent to which the objectives or targets of an activity, project, or endeavor are clearly understood and defined.

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