For fiscal Year 1 and Year 2, Grange Co. reported the following: Year Ended December 31, Year 2 Year 1 Sales $34,124,961 $44,123,486 Accounts receivable 719,365 749,321 Show your work.
(a) Compute the accounts receivable turnover for Year 2. Round to two decimal places.
(b) Compute the days’ sales in receivables at the end of Year 2. Round to two decimal places.