### Accounts Receivable Turnover and Days' Sales in ReceivablesA company reports the following financial data:- **Sales:** $284,700- **Average Accounts Receivable (net):** $54,750**Objective:**Determine:1. The accounts receivable turnover.2. The days' sales in receivables.**Instructions:**When required, round your answers to one decimal place. Assume a 365-day year.#### 1. Accounts Receivable Turnover**Formula:**\[ \text{Accounts Receivable Turnover} = \frac{\text{Sales}}{\text{Average Accounts Receivable (Net)}} \]**Calculation:**\[ \text{Accounts Receivable Turnover} = \frac{284,700}{54,750} \]**Result Placeholder:**\[ \boxed{\text{Input Calculation Result Here}} \]#### 2. Days' Sales in Receivables**Formula:**\[ \text{Days' Sales in Receivables} = \frac{365 \text{ days}}{\text{Accounts Receivable Turnover}} \]**Calculation:**First compute the Accounts Receivable Turnover using the result from step 1.Then,\[ \text{Days' Sales in Receivables} = \frac{365}{\text{Accounts Receivable Turnover Result}} \]**Result Placeholder:**\[ \boxed{\text{Input Days Result Here}} \text{ days} \]**Time Remaining:**1:48:20 (Note: This is the remaining time for an unspecified task, not part of the educational content.)### Visual RepresentationThis section does not contain any graphs or diagrams. Inputs are required in the placeholders provided for the final turnover and days calculation.

The account receivable turnover ratio indicates the efficiency of the entity in collecting accounts…

A company reports the following: Sales Average accounts receivable (net) Determine (a) the accounts receivable turnover and (b) the days' sales in receivables. When required, round your answers to one decimal place. Assume a 365-da a. Accounts receivable turnover b. Days' Sales in Receivables $284,700 54,750 days

A company reports the following: Sales Average accounts receivable (net) Determine (a) the accounts receivable turnover and (b) the days' sales in receivables. When required, round your answers to one decimal place. Assume a 365-da a. Accounts receivable turnover b. Days' Sales in Receivables $284,700 54,750 days

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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