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Question - Calculating the Average Accounts Receivable, the Accounts Receivable Turnover Ratio, and the Accounts Receivable Turnover in Days - Last year, Nikkola Company had net sales of $2,299,500,000 and cost of goods sold of $1,755,000,000. Nikkola had the following balances:
January 1
December 31
Accounts receivable
$142,650,000
$172,350,000
Inventory
54,374,200
62,625,800
Note: Round answers to one decimal place. Assume 365 days per year.
1. Calculate the average accounts receivable.
2. Calculate the accounts receivable turnover ratio.
3. Calculate the accounts receivable turnover in days.
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