ANSWER (A2)

The following data are taken from the financial statements of Colby Company. Your answer is correct. Compute for each year th accounts receivable turnover. At the end of 2018 , accounts receivable was $470,000. (Round answers to 1 decimal place, es. 1.6.) Compute for each year the average collection period. At the end of 2018, accounts receivable was $470,000. (Use 365 days for calculation. Round answers to 1 decimal place, es. 1.6.)