The following is the excerpt of financial information of WATANABE Corporation on December 31, 2022 and on December 31, 2021: Account 2022 2021 Cost of Goods sold 88,456,000.00 87,235,000.00 Gross profit 5,000,000.00 3,500,000.00 Interest expense 300,000.00 300,000.00 Income Tax expense 50,000.00 34,500.00 Cash 75,000.00 120,000.00 Accounts Receivable 720,000.00 795,000.00 Inventories 300,000.00 245,000.00 Trading/Marketable 50,000.00 50,000.00 Securities Land 7,000,000.00 7,000,000.00 Accounts Payable 450,000.00 325,000.00 Mortgage Payable 750,000.00 750,000.00 Considering that all sales are made on account, how many days is the average collection period in year 2022? A 20.13 days or 21 days B 17.88 days or 18 days cannot be determined 16.26 days or 17 days

The following is the excerpt of financial information of WATANABE Corporation on December 31, 2022 and on December 31, 2021: Account 2022 2021 Cost of Goods sold 88,456,000.00 87,235,000.00 Gross profit 5,000,000.00 3,500,000.00 Interest expense 300,000.00 300,000.00 Income Tax expense 50,000.00 34,500.00 Cash 75,000.00 120,000.00 Accounts Receivable 720,000.00 795,000.00 Inventories 300,000.00 245,000.00 Trading/Marketable 50,000.00 50,000.00 Securities Land 7,000,000.00 7,000,000.00 Accounts Payable 450,000.00 325,000.00 Mortgage Payable 750,000.00 750,000.00 Considering that all sales are made on account, how many days is the average collection period in year 2022? A 20.13 days or 21 days B 17.88 days or 18 days cannot be determined 16.26 days or 17 days

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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