Trend Industries Company reported the following amounts on its 2014 and 2015 financial statements: 1. Compute the

Question:

Trend Industries Company reported the following amounts on its 2014 and 2015 financial statements:

1. Compute the accounts receivable turnover for 2015.
2. What is the average collection period during 2015? (Use 365 days.)

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...