Question: (Appendices) ACCOUNTS RECEIVABLE TURNOVER. A recent annual report for Gerber Products Company shows credit sales for the year of approximately $1,269 million and average accounts

(Appendices) ACCOUNTS RECEIVABLE TURNOVER. A recent annual report for Gerber Products Company shows credit sales for the year of approximately $1,269 million and average accounts receivable of approximately $118 million during the year. LO2 REQUIRED:

1. Calculate Gerber’s accounts receivable turnover.

2. Assuming a 365-day year, what is Gerber’s average collection time?

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