Question 9: The following data are taken from the financial statements of Cullumber Company
2020: Accounts receivable (net) - $544,000, Net sales on account - $3,862,800
2019: Accounts receivable (net) - $529,000, Net sales on account - $4,098,900
Terms for all sales are 1/10, n/45.
Compute for each year the accounts receivable turnover. At the end of 2018, accounts receivable was $522,000. (Round answers to 1 decimal place)
2020:
Accounts receivable turnover: times
2019:
Accounts receivable turnover: times
LINK TO TEXT
Compute for each year the average collection period. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)
2020:
Average collection period: days
2019:
Average collection period: days