The following information (in $ millions) comes from the Annual Report of Saratoga Springs Co....
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Accounting
The following information (in $ millions) comes from the Annual Report of Saratoga Springs Co. for the year ending 12/31/2021:
| Year ended | 12/31/2021 | ||
| Net sales | $ | 7,989 | |
| Cost of goods sold | 4,807 | ||
| Selling and administrative expense | 1,949 | ||
| Interest expense | 456 | ||
| Income before taxes | 777 | ||
| Net income | 498 | ||
| 12/31/2021 | 12/31/2020 | |||||||
| Cash and cash equivalents | $ | 1,015 | $ | 68 | ||||
| Receivables, net | 1,050 | 704 | ||||||
| Inventories | 1,095 | 559 | ||||||
| Land, buildings and equipment at cost, net | 13,540 | 3,884 | ||||||
| Total assets | $ | 16,700 | $ | 5,215 | ||||
| Total current liabilities | $ | 5,787 | $ | 2,249 | ||||
| Long-term debt | 5,631 | 2,261 | ||||||
| Total liabilities | $ | 11,418 | $ | 4,510 | ||||
| Total stockholders' equity | $ | 5,282 | $ | 705 | ||||
Required: Compute the average collection period for 2021. (round final answer to 1 decimal place)
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