For the Fiscal Years 1 and 2,Grange Co ACompute the Accounts Receivable Turnover for Year 2

question 82

Essay

For the fiscal years 1 and 2,Grange Co.reported the following:
Year Ended December 31,
$\begin{array}{l}\begin{array}{lll}\\\text { Sales }\\\text { Accounts receivable }\\\end{array}\begin{array}{lll}\underline { \text { Year 1} } \\\$ 44,123,486 \\749,321\end{array}\begin{array}{lll}\underline { \text { Year 2 } } \\\$ 34,1 2 4 , 9 6 1\\719,365\\\end{array}\end{array}$
a.Compute the accounts receivable turnover for Year 2.Round to two decimals.
b.Compute the number of days' sales in receivable at the end of Year 2.Round to two decimals.

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