Mccaughey Corporation's most recent balance sheet and income statement appear below:

-The average sale period for Year 2 is closest to:
A) 55.0 days
B) 50.0 days
C) 29.2 days
D) 213.2 days

Question

Mccaughey Corporation's most recent balance sheet and income statement appear below:

-The average sale period for Year 2 is closest to:
A) 55.0 days 
B) 50.0 days 
C) 29.2 days 
D) 213.2 days

Quizplus · Accepted Answer

The average sale period is calculated by dividing the total number of days in the year by the number of sales. In Year 2, there were 365 days and 6 sales, so the average sale period is 365 / 6 = 60.83 days. The closest answer choice is A) 55.0 days.

Mccaughey Corporation's Most Recent Balance Sheet and Income Statement Appear