Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following information (in $ millions) comes fr

The following information (in $ millions) comes from the Annual Report of Saratoga Springs Co....

60.1K

Verified Solution

Question

Accounting

The following information (in $ millions) comes from the Annual Report of Saratoga Springs Co. for the year ending 12/31/2021:

Year ended 12/31/2021
Net sales $ 7,989
Cost of goods sold 4,807
Selling and administrative expense 1,949
Interest expense 456
Income before taxes 777
Net income 498

12/31/2021 12/31/2020
Cash and cash equivalents $ 1,015 $ 68
Receivables, net 1,050 704
Inventories 1,095 559
Land, buildings and equipment at cost, net 13,540 3,884
Total assets $ 16,700

$

 5,215
Total current liabilities $ 5,787 $ 2,249
Long-term debt 5,631 2,261
Total liabilities $ 11,418 $ 4,510
Total stockholders' equity $ 5,282 $ 705

Required: Compute the average collection period for 2021. (round final answer to 1 decimal place)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Which of the following excerpts from William Shakespeare's Julius Caesar most clearly develop a theme...

Biology
Q

Pablo randomly picks three marbles from a bag of nine marbles (four red ones, three green...

Statistics
Q

Increased gaseous CO2 concentrations are leading to decrease pH of ocean water which in turn causes...

Chemistry
Q

A hazardous material spill on Interstate I-76 caused the eastbound traffic 20-minute delay. Traffic flow is...

Civil Engineering
Q

Using the concepts and techniques you have learned during this course include details and discussion as...

Psychology
Q

2- Ordinary Differential Equations a) y'+y = sen(x) b)By what technique do you solve an ODE below:...

Advance Math
Q

Match the scientist with the statement that most accurately describes their contribution to the understanding...

Biology
Q

Net income decreases the capital account; therefore, it is always a debit to the balance...

Accounting
Q

Please, and thank you the straight-line method to depreciate its machinery. ABC Manufacturing used...

Accounting
Q

Ship Co. produces storage crates that require 35.0 meters of material at $0.30 per meter...

Accounting
Q

Materials costs of $423,000 and conversion costs of $559,000 were charged to a processing department...

Accounting
Q

4. Calculate volatility (Required) \% 2nd lower partial moment. (Required) Use the data given below....

Finance