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ABC INC. has the following information for its years ended June 30:
2020 2019 2018
Sales revenue $567,800 $650,700 $589,200
Accounts receivable $62,500 $67,500 $53,200
Required:
Problem 1. Calculate the accounts receivable turnover (Sales/Average Accounts Receivable) to one decimal place and the average collection period for 2020 and 2019 to the nearest day. Assume a year of 365 days. Show computations.
Problem 2. Comment on the trend in the average collection period. What additional information would an analyst require to properly understand this trend?
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