The Following Data Exists for Carley Company Calculate the Accounts Receivable Turnover and the Average Collection Period

Essay

The following data exists for Carley Company. $\begin{array}{lrr}&\underline{2016}&\underline{2015}\\\text { Accounts Receivable } & \$ 50,000 & \$ 70,000 \\\text { Net Sales } & 500,000 & 410,000\end{array}$
Calculate the accounts receivable turnover and the average collection period for accounts receivable in days for 2016.