The following data are taken from the financial statements of Marigold Corporation: 2023 2022 Monthly average accounts receivable $480,000 $520,000 Net sales on account $5,760,000 $5,460,000 Terms for all sales are 1/15, n/45. Compute the accounts receivable turnover and the average collection period for both years.

The following data are taken from the financial statements of Marigold Corporation: 2023 2022 Monthly average accounts receivable $480,000 $520,000 Net sales on account $5,760,000 $5,460,000 Terms for all sales are 1/15, n/45. Compute the accounts receivable turnover and the average collection period for both years.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

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