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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Definitions:

Principal's Express Statements

Direct and clear statements made by a principal (the person who has given authority to another, the agent, to act on their behalf) regarding their intentions, instructions, or policies.

Express Ratification

The explicit approval or confirmation of a previously unauthorized act or agreement.

Implied Ratification

Acceptance or approval of an act or agreement by behavior that suggests agreement, without express confirmation.

Principal's Rights

The legal rights attributed to the principal in an agency relationship, including the right to direct and control the agent's conduct in matters within the scope of the agency.