The following data are taken from the financial statements of McKee Technology Inc. Terms of all sales are 2/10, n/55.
|Accounts receivable, end of year||$175,000||$190,000||$204,200|
|Net sales on account||1,241,000||1,222,020|
a. For 2013 and 2014, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year.
|1. Accounts receivable turnover|
|2. Number of days' sales in receivables||days||days|
b. The collection of accounts receivable has SelectimproveddeterioratedItem 5 . This can be seen in both the SelectincreasedecreaseItem 6 in accounts receivable turnover and the SelectincreasedecreaseItem 7 in the collection period.
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