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Business, 19.10.2021 03:10 soloriorafa

Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): 2021 2020
Accounts receivable (net) $ 24 $ 13
Net sales $ 119 $ 104
Cost of goods sold $ 64 $ 59
Net income $ 24 $ 21
Inventory turnover 5.40
Return on assets 10.20%
Equity multiplier 2.40
Dowling's 2021 average collection period is:___.
a. 7.7%.
b. 16.7%.
c. 31.1%.
d. 24.1%.

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