Question: The following data are taken from the financial statements of Morganstern Company. (a) Compute for each year (1) the receivables turnover and (2) the average

The following data are taken from the financial statements of Morganstern Company.

(a) Compute for each year (1) the receivables turnover and (2) the average collection period. At the end of 2011, accounts receivable (net) was $480,000.(b) What conclusions about the management of accounts receivable can be drawn from thesedata?

2012 2013 $ 550,000 3,960,000 Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10. n/60. $ 520,000 3,100,000

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