Exercise 242 The following information is available from the annual reports of Nite and Day Companies. Sales Beginning receivables, net Ending receivables, net (In millions) Nite Day $112,500 $32,000 19,000 3,500 18,500 4,400 Based on the preceding information, compute the following for each company: (Round answers to 1 decimal place, e.g. 15.2.) 1. Accounts receivable turnover. (Assume all sales were credit sales.) 2. Average collection period. Nite Day 1. Accounts receivable turnover times times 2. Average collection period days days Click if you would like to Show Work for this question: Open Show Work