Question: this is my second time posting the question please answer it correctly. The following data are taken from the financial statements of Pharoah Company, 2021

The following data are taken from the financial statements of Pharoah Company, 2021 2020 $ 579.000 Accounts receivable, end of year $ 559.500 Net credit sales 4,098,600 3,385,125 Terms for all sales are 1/10,n/60. X Your answer is incorrect Calculate for each year the receivable turnover. At the end of 2019, accounts receivable was $568,500 (Round answers to 1 decimal place, c.g. 12.5.) 2021 2020 Accounts receivable turnover 5.9 times 7.2 times eTextbook and Media Your answer is partially correct - Calculate for each year the collection period. (Round answers to 1 decimal place, e... 12.5. Use 365 days for calculation.) 2020 2021 62 days 51 Collection period days
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
