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Gray Corporation has provided the following financial data from its balance sheet: Year 1 Accounts receivable Inventory Total assets $174.000$150,000 $1.236.000 $1,250.000 Sales on account
Gray Corporation has provided the following financial data from its balance sheet: Year 1 Accounts receivable Inventory Total assets $174.000$150,000 $1.236.000 $1,250.000 Sales on account in Year 2 totaled $1,450,000 and cost of goods sold totaled $900,000 1 Calculate the company's accounts receivable turnover for Year 2. 2 Calculate the company's average collection period for Year 2. 3 If AR turnover was 12 for year 1, would the year 2 AR turnover you just calculated be considered an improvement or deterioration, why
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