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%.

1. what is the lowest balance during this period? 2. lily just received her bank statement below. a. what does the bank think her ending balance is? b. how much more does the bank think lily has? c. what transactions are missing? 3. what is the danger of not balancing your bank account? lily’s bank statement deposits: 2/25 $35 2/26 $20 3/1 $256.32 checks: 2/24 ck #301 $25 2/26 #302 $150 debit card: 2/24 american eagle $75.48 2/25 chick fa la $4.67 2/27 mcdonalds $3.56 2/28 chevron $34.76 withdrawal: 2/27 $40 beginning balance $423.34 deposits $311.32 total debits $333.47 ending balance $401.19