Shelly Company Reported the Following Financial Information Compute (A) the Accounts Receivable Turnover and (B) the Average

Essay

Shelly Company reported the following financial information: $\begin{array}{lrr}&12/31/17&12/31/16\\\text { Accounts receivable } & \$ 340,000 & \$ 360,000 \\\text { Net credit sales } & 2,450,000 & 2,420,000\end{array}$ Compute (a) the accounts receivable turnover and (b) the average collection period for 2017.