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Accounts Receivable Analysis The following data are taken from the financial statements of Outdoor Patio Inc. Terms of all sales are 2/10, n/60. Year 3 Year 2 Year 1 Accounts receivable, end of year $ 900,000 $ 750,000 $600,000 Sales 5,280,000 3,915,000 a. For Years 2 and 3, determine (1) the accounts receivable turnover and (2) the days' sales in receivables. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place. Year 3 Year 2 1. Accounts receivable turnover 6.4 5.8 2. Number of days' sales in receivables 57 days 62.9 days b. What conclusion can be drawn from these data concerning accounts receivable and credit policies? The collection of accounts receivable has improved This can be seen in the increase in accounts receivable turnover and the reduction in the collection period. The company either became more aggressive in collecting accounts receivable or more restrictive in granting credit to customers in Year 3