Accounts Receivable Turnover and Average Collection Period Verne Corporation disclosed the following financial information (in millions) in its recent annual report: Previous Year Current Year $167,096 $181,662 13,896 15,100 15,100 13,598 Net Sales Beginning Accounts Receivable (net) Ending Accounts Receivable (net) a. Calculate the accounts receivable turnover ratio for both years. (Round your answer to two decimal points.) b. Calculate the average collection period for both years. (Use 365 days for calculation. Round your answer to the nearest whole number) c. is the company's accounts receivable management improving or deteriorating? Previous Year a Accounts receivable turnover b. Average collection period The company's receivable management Improved Check 0x 0x Current Year 0X 0x ✔

Accounts Receivable Turnover and Average Collection Period Verne Corporation disclosed the following financial information (in millions) in its recent annual report: Previous Year Current Year $167,096 $181,662 13,896 15,100 15,100 13,598 Net Sales Beginning Accounts Receivable (net) Ending Accounts Receivable (net) a. Calculate the accounts receivable turnover ratio for both years. (Round your answer to two decimal points.) b. Calculate the average collection period for both years. (Use 365 days for calculation. Round your answer to the nearest whole number) c. is the company's accounts receivable management improving or deteriorating? Previous Year a Accounts receivable turnover b. Average collection period The company's receivable management Improved Check 0x 0x Current Year 0X 0x ✔

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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