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10. The following data are taken from the financial statements of Colby Company. 2022 2021Accounts receivable (net), end of year $580,000 $485,000Net sales on account
10. The following data are taken from the financial statements of Colby Company. 2022 2021Accounts receivable (net), end of year $580,000 $485,000Net sales on account 3,887,250 3,022,500Terms for all sales are 1/10, n/45 A2. Compute for each year the average collection period. At the end of 2020, accounts receivable (net) was $445,000. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 1.6.)
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