Knowledge Check 02 Kelly Incorporated sold $930,000 worth of goods during the year, out of which $820,000 was on credit. Accounts receivable at the beginning of the year amounted to $95,000 and $115,000 at the end of the year. What was the company's accounts receivable turnover for the year? 8.637.817.138.86 Knowledge Check 03 Modern Textiles Company sold $2,500,000 worth of goods during the year, out of which $550,000 were cash sales. Accounts receivable at the beginning of the year amounted to $225,000 and $265,000 at the end of the year. The company's accounts receivable turnover was 7.96. Assuming 365 days a year, what was the company's average collection period for the year? 33 days 36 days 46 days 50 days