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Q7
Q7. Average collection cycle. Use the following account information to find the average collection cycle for Rian Company.
2013 and 2014 Selected Balance Sheet Accounts of Rian Company
Accounts receivable - 12/31/14: $44,775 | 12/31/13: $54,288 | Change: $9,513
Inventory - 12/31/14: $64,375 | 12/31/13: $68,806 | Change: $4,431
Accounts Payable - 12/31/14: $31,137 | 12/31/13: $28,933 | Change: $2,204
2014 Selected Income Statement Items for Rian Company
Cash sales ?$543,000
Credit sales ? $591,000
Total sales $1,134,000
Cost of goods sold ?$661,306
What is the average collection cycle for Rian? Company?
Expert Solution
PFA
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