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The following data are taken from the financial statements of Colby Company. 2020 2019 Accounts receivable (net), end of year $500,000 $470,000 Net sales on

The following data are taken from the financial statements of Colby Company.

2020

2019

Accounts receivable (net), end of year $500,000 $470,000
Net sales on account 3,880,000 3,015,000
Terms for all sales are 1/10, n/45
Compute for each year the accounts receivable turnover. At the end of 2018, accounts receivable was $430,000. (Round answers to 1 decimal place, e.g. 1.6.)

2020

2019

Accounts receivable turnover

times

times

LINK TO TEXT

Compute for each year the average collection period. At the end of 2018, accounts receivable was $430,000. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 1.6.)

2020

2019

Average collection period

days

days

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