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Problem - Financial statement data for years ending December 31 for Robinhood Company follow:
20Y9
20Y8
Sales
$7,906,000
$6,726,000
Accounts receivable:
Beginning of year
600,000
540,000
End of year
580,000
Required -
a. Determine the accounts receivable turnover for 20Y9 and 20Y8. Round answers to one decimal place.
b. Determine the days' sales in receivables for 20Y9 and 20Y8. Use 365 days and round all calculations to one decimal place.
c. Does the change in accounts receivable turnover and the days' sales in receivables from 20Y8 to 20Y9 indicate a favorable or unfavorable change?
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