The following data are taken from the financial statements of Rise and Shine Company. Terms of all sales are 2/10, n/30.   Year 3 Year 2 Year 1 Accounts receivable, end of year $113,600   $120,000   $128,200   Sales 700,800   682,550       a.  For Years 2 and 3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place.   Year 3   Year 2   1. Accounts receivable turnover fill in the blank 1   fill in the blank 2   2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days b.  What conclusion can be drawn from these data concerning accounts receivable and credit policies? The collection of accounts receivable has    . This can be seen in the     in accounts receivable turnover and the     in the collection period. The company either became     aggressive in collecting accounts receivable or     restrictive in granting credit to customers in Year 3.   provide a solution

Accounts Receivable Analysis The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45.   20Y3 20Y2 20Y1 Accounts receivable, end of year $171,400   $179,000   $186,000   Sales on account 1,068,720   1,003,750       a.  For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year.   20Y3 20Y2 1.  Accounts receivable turnover fill in the blank 1   fill in the blank 2   2.  Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days b.  The collection of accounts receivable has    . This can be seen in both the     in accounts receivable turnover and the     in the collection period.

The following information was taken from the books of Olmeck, Inc.   Year 2 Year 1 Sales $956,000 $992,000 Accounts receivable:        Beginning of the year 120,500 136,400    End of the year 110,000 120,500   a.  Determine the accounts receivable turnover for Year 2 and Year 1. Round your answers to one decimal place.   Accounts ReceivableTurnover Year 2 fill in the blank 1 Year 1 fill in the blank 2 b.  Determine the number of days’ sales in receivables for Year 2 and Year 1. Round your answers to one decimal place. Assume 365 days per year.   Number of Days' Salesin Receivables Year 2 fill in the blank 3 days Year 1 fill in the blank 4 days c.  The industry average for the accounts receivable turnover is 8.0. How does Olmeck, Inc. compare? In Year 2 Olmeck was    the industry average. In Year 1, Olmeck was     the industry average.

A company reports the following: Sales $838,040 Average accounts receivable (net) 51,100 Round your answers to one decimal place. Assume a 365-day year. a. Determine the accounts receivable turnover. b. Determine the number of days' sales in receivables.