The following data are taken from the financial statements of Colby Company. 2022 2021 Accounts receivable (net), end of year $550,000 $540,000 Net sales on account 4,300,000 4,000,000 Terms for all sales are 1/10, n/45 2022 2021 Accounts Receivable turnover 7.9 times 7.5 times Average collection period 46.2 days 48.7 days (b) What conclusions about the management of accounts receivable can be drawn from the accounts receivable turnover and the average collections period