A company reports the following:Sales                                                        $4,000,000Average accounts receivable (net)             200,000Determine (a) the accounts receivable turnover and (b) the number of days’ sales in receivables. Round to one decimal place.

The following data are taken from the financial statements of Colby Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 Accounts Receivable turnover Average collection period (b) 2022 $550,000 2022 2021 4,300,000 4,000,000 7.9 times $540,000 2021 7.5 times 46.2 days 48.7 days What conclusions about the management of accounts receivable can be drawn from the accounts receivable turnover and the average collections 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    $572,320Average accounts receivable (net)    20,440