The following data are taken from the financial statements of Rainsberger Company. 2018 2017 Accounts receivable (net), end of year $590,000 $505,000 Net sales on account 4,100,000 3,200,000 Terms for all sales are 1/10, n/60. Compute for each year the accounts receivable turnover. At the end of 2016, accounts receivable (net) was $515,000. (Round answers to 1 decimal place, e.g. 1.6.) 2018 2017 Accounts receivable turnover times times Compute for each year the average collection period. At the end of 2016, accounts receivable (net) was $515,000. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 1.6.) 2018 2017 Average collection period days days
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