The following information (in $ millions) comes from the Annual Report of Saratoga Springs Co. for the
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Question:
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 | $ | 7,959 | |
Cost of goods sold | 4,777 | ||
Selling and administrative expense | 1,919 | ||
Interest expense | 426 | ||
Income before taxes | 837 | ||
Net income | 468 | ||
12/31/2021 | 12/31/2020 | |||||||
Cash and cash equivalents | $ | 985 | $ | 65 | ||||
Receivables, net | 1,020 | 674 | ||||||
Inventories | 1,065 | 529 | ||||||
Land, buildings and equipment at cost, net | 13,510 | 3,854 | ||||||
Total assets | $ | 16,580 | $ | 5,122 | ||||
Total current liabilities | $ | 5,757 | $ | 2,219 | ||||
Long-term debt | 5,601 | 2,231 | ||||||
Total liabilities | $ | 11,358 | $ | 4,450 | ||||
Total stockholders' equity | $ | 5,222 | $ | 672 | ||||
Required:
Compute the average collection period for 2021. (Round your final answer to 1 decimal place
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