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

Question:

The following data are taken from the of Ovation Industries Inc. Terms of all sales are 1/10, n/60.

The following data are taken from the financial statements of 148772

a. Determine for each year
(1) The accounts receivable turnover
(2) The number of days€™ sales in receivables. Round to nearest dollar and one digit after the decimal place.
b. What conclusions can be drawn from these data concerning accounts receivable and creditpolicies?

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...