Trend Industries Company reported the following amounts on its 2010 and 2011 financial statements: 1. Compute the

Question:

Trend Industries Company reported the following amounts on its 2010 and 2011 financial statements:

1. Compute the accounts receivable turnover for 2011.
2. What is the average collection period during 2011? (Use 365days.)

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...