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The following Information is from the annual financial statements of Raheem Company. Net sales Cost of goods sold Net income Accounts receivable, net (year-end)
The following Information is from the annual financial statements of Raheem Company. Net sales Cost of goods sold Net income Accounts receivable, net (year-end) Retained earnings (year-end) Year 3 $367,800 Year 2 $298,000 Year 1 $345,000 73,400 38,700 146,800 119,200 138,000 59,600 69,000 36,500 33,200 621,000 660, 608 536,400 (1) Compute its accounts receivable turnover for Year 2 and Year 3. (2) Assuming its competitor has a turnover of 14.6, Is Raheem performing better or worse at collecting receivables than its competitor? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute its accounts receivable turnover for Year 2 and Year 3. Year 2: Year 3: Accounts Receivable Turnover Choose Numerator 1 Choose Denominator: Accounts Receivable Turnover I ' 1 Accounts receivable tumover times times In the tabs below. Required 1 Required 2 Assuming its competitor has a turnover of 11, is Raheem performing better or worse at collecting receivables than its competitor? Is Raheem performing better or worse at collecting receivables than its competitor? < Required 1 Retained 2 S
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