Question: Show me the steps to solve Presented below are select financial data for Fullerton Company: ( In millions ) Year 2 Year 1 Balance Sheet

Show me the steps to solve Presented below are select financial data for Fullerton Company:
(In millions) Year 2 Year 1
Balance Sheet
Accounts receivable (net) $13,500 $13,000
Inventory 6,6606,039
Income Statement
Net sales $90,000 $82,000
Cost of goods sold 18,70122,709
How many days, on average, did it take the company to collect an outstanding receivable during Year 2?
65.7 days
7.2 days
54.8 days
4.5 days

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