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The following data are taken from the financial statements of Crane Company. 2017 2016 Accounts receivable (net), end of year $ 571,600 $ 615,000 Net

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

2017

2016

Accounts receivable (net), end of year $ 571,600 $ 615,000
Net sales on account 4,565,000 4,057,000
Terms for all sales are 1/10, n/45

1)Compute for each year the accounts receivable turnover. At the end of 2015, accounts receivable was $511,500. (Round answers to 1 decimal place, e.g. 12.5.)

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

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