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Brief Exercise 18-11 b (Essay) The following data are taken from the financial statements of Colby Company. 2020 2018 Accounts...

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Accounting

Brief Exercise 18-11 b (Essay)

The following data are taken from the financial statements ofColby Company.

2020

2018

Accounts receivable (net), end of year$550,000$540,000
Net sales on account4,300,0004,000,000
Terms for all sales are 1/10, n/45
20202019
Accounts Receivable turnover7.9times7.5times
Average collection period46.2days48.7days


(b)

What conclusions about the management of accounts receivable can bedrawn from the accounts receivable turnover and the averagecollections period.

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