48. Write your answer sheet of paper Maynard in the provided a separate below Company's balance sheet and income statement are provided Balance Sheet As of December 31, 2014 83,500 94,000 Accounts receivable 60,000 525,000 500,000 150,000 Plant and equipment, net 150,000 Land 917,000 S 890,000 Total assets 62,000 Liabilities and Stockholders' Equity S 73,000 160,000 115,000 Accounts payable 400,000 440,000 Notes payable 295,000 262,000 Capital stock, no par 917,000 890,000 Retailed earnings equity Total liabilities and stockholders' Maynard Company Income Statement Years Ended December 31. 2013 2014 549,000 468,150 289,500 360,000 Less cost of goods sold 178,650 189,000 55,450 86,500 Gross margin Less operating expenses 123 200 102,500 16,600 Income before taxes 18,500 Income taxes 84,000 106,600 Net income The company paid cash dividends of $2.00 per share during Year 2.On December 31, on the stock exchange at a price of$78.25 per share Required: Compute the following ratios for Year 2 (a) Accounts receivable turnover (b) Average days to collect receivables