Ben and Lucy are new accounting students, and they are studying financial statement analysis. Theyve been discussing the accounts receivable turnover and the accounts payable turnover and decided they need some assistance in understanding what the ratios mean. Theyve come to you, an advanced accounting student, to ask for help. Select one question below to discuss with Ben and Lucy. Be sure to include an example to demonstrate how the ratio is used in an organization: What is the purpose of the accounts receivable turnover? Why does a company need to know how many days it takes to collect the accounts receivables? What is the purpose of the accounts payable turnover? Why does a company need to know how many days it takes to pay the accounts payable? Why would a company want to know about both ratios?