Financial Statement Analysis for Activity Ratios: A company's financial statements show average accounts receivable of $300,000 and annual credit sales of $1,200,000. Calculate the company's accounts receivable turnover ratio and average collection period, and discuss how these activity ratios assess the company's efficiency in managing accounts receivable and collecting cash from customers. Analyze strategies to improve accounts receivable turnover and reduce the average collection period for enhancing liquidity and working capital management.