The following information was taken from the books of Olmeck, Inc. 
(a) Determine the accounts receivable turnover for Year 1 and Year 2.
(b) Determine the number of days' sales in receivables for Year 1 and Year 2.
(c) The industry average for the accounts receivable turnover is 8.0. How does Olmeck, Inc. compare?
Definitions:
Employment Contracts
Written or implied agreements specifying the terms and conditions of an individual's employment.
Negligence
A failure to behave with the level of care that someone of ordinary prudence would have exercised under the same circumstances.
Established Contracts
Legally binding agreements that have been agreed upon by the parties involved and typically outline the terms of employment, services, or other mutual commitments.
Wrongful Dismissal
The act of terminating an employee's contract without lawful reason or in violation of the contract terms, often leading to legal action.
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