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Balance sheet Accounts receivable $ 22,800 Inventory 41,000 Presented below are selected amounts from B&B Sports, Inc.'s financial statements:
Amounts in thousands
Total assets 569,000
Accounts payable 45,500
Shareholders' equity 288,000
Income Statement
Net sales 621,000
Cost of goods sold 230,000
Interest expense 27,000
Net income 124,000
Problem 1: How many days, on average, does it take B&B Sports to pay an outstanding account payable?
A. 72.3 days
B. 66.0 days
C. 33.4 days
D. 5.1 days
Problem 2: B&B Company has a receivable turnover of 15. What is B&B's receivable collection period?
A. 30.4 days
B. 24.3 days
C. 20.2 days
D. 15.0 days
Financial Statement Analysis and Preparation
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