Exercise-
The following data are taken from the financial statements of Rainsberger Company.
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2015
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2014
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Accounts receivable (net), end of year
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$517,500
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$483,900
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Net sales on account
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3,989,000
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3,075,300
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Terms for all sales are 1/10, n/60.
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Compute for each year the accounts receivable turnover. At the end of 2013, accounts receivable (net) was $505,500. (Round answers to 1 decimal place, e.g. 1.6.)