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