TO 1 Page 1 1 2 3 3 Question 15 (7 points) The following data are taken from the financial statements of Steven Company: Year 2 Year 1 Monthly average accounts receivable $ 520,000 $ 550,000 Net sales on account 5,720,000 4,950,000 Terms for all sales are 2/10, n/30 4. 5 Page 2: 6 7 Required: 9 10 1. Calculate the accounts receivable turnover and the average collection period for both years. Show all your work, not just an answer, to enable part marks. 2. As a financial analyst, what observations & conclusions can you draw about the management of the accounts receivable? Page 3: 11 12 13 Paragraph BIU ... 14 15 Page 4: 16 17 19 Exh Add a File Record Audio Record Video