The following data are taken from the financial statements of Krawcheck Inc. Terms of all sales are

Question:

The following data are taken from the of Krawcheck Inc. Terms of all sales are 2/10, n/55.
2016 2015 2014
Accounts receivable, end of year...$ 500,000......$ 475,000.......$440,000
Sales on account.......................3,412,500......2,836,500
a. For 2015 and 2016, determine (1) the turnover and (2) the number of days' sales in receivables. Round to the nearest dollar and one decimal place.
b. What conclusions can be drawn from these data concerning and credit policies?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...