Excerpts from Dowling Company's December 31, 2024 and 2023, financial statements and key ratios are presented below (all dollar values are in millions): Accounts receivable (net) Net sales. Cost of goods sold Net income 2024 $ 20 $ 115 $ 60 $ 20 5.22 10.3% 2.36 Inventory turnover Return on assets Equity multiplier Dowling's 2024 average collection period is closest to: 2023 $ 16 $ 100 $ 55 $17.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Excerpts from Dowling Company's December 31, 2024 and 2023, financial statements and key ratios are presented below (all dollar
values are in millions):
Accounts receivable (net)
Net sales.
Cost of goods sold
Net income
2024
Multiple Choice
$ 20
$ 115
$ 60
$ 20
Inventory turnover
Return on assets
Equity multiplier
Dowling's 2024 average collection period is closest to:
5.22
10.3%
2.36
2023
$ 16
$ 100
$ 55
$ 17
Transcribed Image Text:Excerpts from Dowling Company's December 31, 2024 and 2023, financial statements and key ratios are presented below (all dollar values are in millions): Accounts receivable (net) Net sales. Cost of goods sold Net income 2024 Multiple Choice $ 20 $ 115 $ 60 $ 20 Inventory turnover Return on assets Equity multiplier Dowling's 2024 average collection period is closest to: 5.22 10.3% 2.36 2023 $ 16 $ 100 $ 55 $ 17
Dowling's 2024 average collection period is closest to:
Multiple Choice
O
57 days
63 days.
51 days
50 days
Transcribed Image Text:Dowling's 2024 average collection period is closest to: Multiple Choice O 57 days 63 days. 51 days 50 days
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