Question: Presented here is basic financial information (in millions) from the annual reports of Blossom and Splish. Sales Allowance for doubtful accounts, Jan. 1 Allowance for
Presented here is basic financial information (in millions) from the annual reports of Blossom and Splish. Sales Allowance for doubtful accounts, Jan. 1 Allowance for doubtful accounts, Dec. 31 Accounts receivable balance (gross), Jan. 1 Accounts receivable balance (gross), Dec. 31 Blossom $25,200 73.0 79.0 2,500.0 2,800.0 Splish $19,000 111 115 2,400 1,500 Calculate the accounts receivable turnover and average collection period for both companies. (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) Blossom Splish Accounts receivable turnover times times Average collection period days days
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