CASE 4 Mr. Williams, the owner of William Produce, wants to maintain control over accounts receivable. He understands that days' sales in receivables and accounts receivable turnover will give a good indication of how well receivables are being managed. Williams Produce does 60% of its business during June, July, and August. Mr. Williams provided the following pertinent data: For Year Ended December 31, 2011 For Year Ended July 31, 2011 $800,000 $790,000 Net sales Receivables, less allowance for Doubtful accounts Beginning of period (allowance 5 June 2021 GD20203/GE30303 50,000 89,000 January 1, $3,000, August 1, $4,000) Ending of period (allowance December 31, $3,500, July 31, $4,100) 55,400 90,150 Required: a. Compute the days' sales in receivables for July 31, 2011, and December 31, 2011, based on the accompanying data. b. Compute the accounts receivables turnover for the period ended July31 2011, and December 31, 2011. (Use the gross end gross receivables.) Comment on the results from (a) and (b). C