The following information is from the annual financial statements of Raheem Company. Year 3:$ 489,000...
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Accounting
The following information is from the annual financial statements of Raheem Company.
Year 3:$ 489,000
Year 2: $ 420,000
Year 1: $ 461,000
Net sales
Accounts receivable, net (year-end): Year 3: 50,000
Year 2:47,800
Year 1:44,500
(1) Compute its accounts receivable turnover for Year 2 and Year 3.
(2) Assuming its competitor has a turnover of 15.0, is Raheem performing better or worse at collecting receivables than its competitor?
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