The following data are taken from the financial statements of Gladow Company. 2014 2013 Accounts receivable (net),

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The following data are taken from the financial statements of Gladow Company.

2014 2013 Accounts receivable (net), end of year $ 550,000 $ 520,000 Net sales on account 3,745,000 3,000,000 Terms for all sales are 1/10, n/60.

(a) Compute for each year (1) the accounts receivable turnover and (2) the average collection period. At the end of 2012, accounts receivable (net) was $480,000.

a > What conclusions about the management of accounts receivable can be drawn from these data?

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