Question 3 Not yet answered Marked out of 2.00 PFlag question BeBook Print Accounts Receivable Turnover and Average Collection Period The Longo Corporation disclosed the following financial information (in millions) in its recent annual report: Year 1 Year 2 Net sales $158,870 $139,578 Beginning accounts receivable (net) Ending accounts receivable (net) 35,584 30,784 30,784 26,392 a. Calculate the accounts receivable turnover ratio for both years. b. Calculate the average collection period for both years. Notes: 1. Round all answers to one decimal place. 2. Use rounded answer from part a. to compute average collection period. Year 1 Year 2 a. Accounts receivable turnover b. Average collection period (days) c. Is the company's accounts receivable management improving or deteriorating? Previous Save Answers Next >