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The following data are taken from the financial statements of Pharoah Company. 2020 2019 Accounts receivable (net), end of year $ 541,000 $ 540,000 Net

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

2020

2019

Accounts receivable (net), end of year $ 541,000 $ 540,000
Net sales on account 4,378,050 3,639,750
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 $515,000. (Round answers to 1 decimal place, e.g. 12.5.)

2020

2019

Accounts receivable turnover

times

times

LINK TO TEXT

Compute for each year the average collection period. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)

2020

2019

Average collection period

days

days

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