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Accounts Receivable Turnover and Average Collection Period Verne Corporation disclosed the following financial information (in millions) in its recent annual report: Previous Year Current Year $167,096 $181,662 13,896 15,100 15,100 13,598 Net Sales Beginning Accounts Receivable (net) Ending Accounts Receivable (net) a. Calculate the accounts receivable turnover ratio for both years. (Round your answer to two decimal points.) b. Calculate the average collection period for both years. (Use 365 days for calculation. Round your answer to the nearest whole number) c. is the company's accounts receivable management improving or deteriorating? Previous Year a Accounts receivable turnover b. Average collection period The company's receivable management Improved Check 0x 0x Current Year 0X 0x ✔

Accounts Receivable Turnover and Average Collection Period Verne Corporation disclosed the following financial information (in millions) in its recent annual report: Previous Year Current Year $167,096 $181,662 13,896 15,100 15,100 13,598 Net Sales Beginning Accounts Receivable (net) Ending Accounts Receivable (net) a. Calculate the accounts receivable turnover ratio for both years. (Round your answer to two decimal points.) b. Calculate the average collection period for both years. (Use 365 days for calculation. Round your answer to the nearest whole number) c. is the company's accounts receivable management improving or deteriorating? Previous Year a Accounts receivable turnover b. Average collection period The company's receivable management Improved Check 0x 0x Current Year 0X 0x ✔

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...
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Accounts Receivable Turnover and Average Collection Period Verne Corporation disclosed the following financial information (in millions) in its recent annual report: Previous Year Current Year $167,096 $181,662 13,896 15,100 15,100 13,598 Net Sales Beginning Accounts Receivable (net) Ending Accounts Receivable (net) a. Calculate the accounts receivable turnover ratio for both years. (Round your answer to two decimal points.) b. Calculate the average collection period for both years. (Use 365 days for calculation. Round your answer to the nearest whole number.) c is the company's accounts receivable management improving or deteriorating? Previous Year a Accounts receivable turnover b. Average collection period e. The company's receivable management Improved Check 0x 0x Current Year DX 0x ✓
Transcribed Image Text:Accounts Receivable Turnover and Average Collection Period Verne Corporation disclosed the following financial information (in millions) in its recent annual report: Previous Year Current Year $167,096 $181,662 13,896 15,100 15,100 13,598 Net Sales Beginning Accounts Receivable (net) Ending Accounts Receivable (net) a. Calculate the accounts receivable turnover ratio for both years. (Round your answer to two decimal points.) b. Calculate the average collection period for both years. (Use 365 days for calculation. Round your answer to the nearest whole number.) c is the company's accounts receivable management improving or deteriorating? Previous Year a Accounts receivable turnover b. Average collection period e. The company's receivable management Improved Check 0x 0x Current Year DX 0x ✓
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