Chapter 6 practice problemsThe 2011 income statements of Leggett & Platt, Inc. reports net sales of $3,636.0 million. The balance sheet reports accounts receivable, gross of $527.9 million at December...

Chapter 6 practice problemsThe 2011 income statements of Leggett & Platt, Inc. reports net sales of $3,636.0 million. The balance sheet reports accounts receivable, gross of $527.9 million at December 31, 2011 and $501.0 million at December 31, 2010. The average collection period in 2011 was:A) 7 daysB) 51 daysC) 53 daysD) 50 daysE) None of the above