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Thank you!! Please respond part A) and B) The following data are taken from the financial statements of Lily Company. 2022 2021 Accounts receivable (net),
Thank you!!
Please respond part A) and B)
The following data are taken from the financial statements of Lily Company. 2022 2021 Accounts receivable (net), end of year $525,000 $540,000 Net sales on account 3,940,500 3,184,000 Terms for all sales are 1/10, n/45 (a1) Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable (net) was $455,000. (Round answers to 1 decimal place, e.g. 1.6.) 2022 2021 Accounts receivable turnover times times Average collection period days daysStep by Step Solution
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