Homework Answers
Accounts receivable turnover = credit sales / Average accounts receivable
2020 = 4069750/(560000+555000)/2 = 7.3 times
2019 = 3092250/(555000+530000)/2 = 5.7 times
Average collection period = 365 / Accounts receivable turnover
2020 = 365/ 7.3 = 50 days
2019 = 365/ 5.7 = 64 days
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