Question: Based on the following data for the current year, what is the number of days' sales in receivables? Assume 365-Day year. Sales on account during

Based on the following data for the current year, what is the number of days' sales in receivables? Assume 365-Day year.

Sales on account during year	$421,901
Cost of goods sold during year	219,556
Accounts receivable, beginning of year	48,303
Accounts receivable, end of year	54,004
Inventory, beginning of year	81,493
Inventory, end of year	111,192

Round your answer up to the nearest whole day.

a.190

b.44

c.83

d.96

B, Lamar Corporation purchased land for $155,000. Later in the year, the company sold land with a book value of $191,000 for $214,000. Show how the effects of these transactions are reported on the statement of cash flows using the indirect method.

Transaction	Amount	Increase or Decrease	Statement of Cash Flows Section
Gain on sale of land	$		Financing,Investing or Operating
Cash received for sale of land	$		Financing,Investing OR Operating
Cash paid for purchase of land	$	DecreaseIncrease	FinancingInvestingOperating

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