Question Completion Status: QUESTIONS MEGAFRAME COMPUTER COMPANY Balance Sheet As of December 31, 2009 ASSETS Cash Accounts Receivable Inventory Net Plant and Equipment Total Assets $ 50,000 70,000 110,000 220.000 $450,000 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts Payable Accrued Expenses $ 70.000 50,000 Long-Term Debt 130,000 Common Stock 70,000 Paid-In Capital 40,000 Retained Earnings 20.000 Total Liabilities and Stockholders' Equity $450,000 MEGAFRAME COMPUTER COMPANY Income Statement For the Year Ended December 31, 2009 Click Save and Submit to save and submit. Click Save All Answers to save all answers MacBook Pro Question Completion Status: Long-Term Debt 130.000 Common Stock 70,000 Paid-In Capital 40.000 Retained Earnings 90.000 Total Liabilities and Stockholders' Equity $450,000 MEGAFRAME COMPUTER COMPANY Income Statement For the Year Ended December 31, 2009 Sales (all on credit) $ 875.000 Cost of Goods Sold 600.000 Gross Profit 275,000 Sales and Administrative Expense 30,000 Depreciation 55.000 Operating Profit 190,000 Interest Expense 25.000 Profit before Taxes 165.000 Taxes (30%) 49.500 Net Income $ 115,500 Refer to the figure above. What is the firm's average collection period? 29 days 25 days 14.4 days 20 days QUESTION 9 Click Save and submit to save and submit. Click Save All Answers to save all answer MacBook Pro