Consider the following financial data for Marys Computer Stores:

Statement of Financial Position as of December 31, 2012

Cash & equivalents	$	104,500		Accounts payable	$	86,500
Accounts receivable		105,500		Short-term bank note		191,000
Inventories		356,500		Accruals		97,500
Total current assets	$	566,500		Total short-term liab.	$	375,000
				Long-term debt		258,000
Net fixed assets		605,500		Common equity		539,000
Total assets	$	1,172,000		Total liabilities & equity	$	1,172,000

Profit & Loss Statement for the Year Ended December 31, 2012

Net sales	$	707,500
Cost of sales		444,500
Gross profit	$	263,000
Operating expenses		153,000
Earnings before interest and taxes (EBIT)	$	110,000
Interest expense		54,000
Earnings before taxes (EBT)	$	56,000
Federal and state income taxes (45 percent)		25,200
Net income	$	30,800

Calculate Marys average collection period for accounts receivable.

Selected Answer:	d. 73.6 days
Answers:	a. 183.9 days
	b. 0.1 days
	c. 54.4 days
	d. 73.6 days
	e. 32.7 days