Accounts Receivable Turnover and Average Collection Period The Longo Corporation disclosed the following financial information (in millions) in its recent annual report: Year 1 Year 2 $444,836 $390,817 88,960 76,960 76,960 65,980 Net sales Beginning accounts receivable (net) Ending accounts receivable (net) a. Calculate the accounts receivable turnover ratio for both years. b. Calculate the average collection period for both years. Notes: 1. Round all answers to one decimal place. 2. Use rounded answer from part a. to compute average collection period. Year 1 Year 2 a. Accounts receivable turnover b. Average collection period (days) c. Is the company's accounts receivable management improving or deteriorating?

The Longo Corporation disclosed the following financial information (in millions) in its recent annual report: a. Calculate the accounts receivable turnover ratio for both years. b. Calculate the average collection period for both years. Notes: 1. Round all answers to one decimal place. 2. Use rounded answer from part a. to compute average collection period. c. Is the companys accounts receivable management improving or deteriorating