Question 3 (9 points) PROBLEM 3 (9 macks) The following data are taken from the financial statements of Steven Company: Year 2 Year 1 $ Monthly average accounts receivable Net sales on account $ 520,000 5,720,000 550,000 4,950,000 Terms for all sales are 2/10, n/30 Instructions Calculate the accounts receivable turnover and the average collection period for both years and indicate your answers in the blanks. Show your work in the spaces provided. Accounts Receivable Turnover year 2 Average Collection Period year 2 Accounts Receivable Turnover year 1 Average Collection Period year 1 (b) What conclusions can you, as a financial analyst, draw about the management of the accounts receivable? PROBLEM 3 (9 marks) The following data are taken from the financial statements of Steven Company: Year 2 Year 1 Monthly average accounts receivable Net sales on account $ $ 520,000 5,720,000 550,000 4,950,000 Terms for all sales are 2/10) n/30 Instructions a. Calculate the accounts receivable turnover and the average collection period for both years and indicate your answers in the blanks. Show your work in the spaces provided. Accounts Receivable Turnover year 2 Average Collection Period year 2 Accounts Receivable Turnover year 1 Average Collection Period year 1 (b) What conclusions can you, as a financial analyst, draw about the management of the accounts receivable