Response to the following problems:
1. Gibson Company has gross receivables at the end of the year of $280,000 and net sales for the year of $2,158,000.
Required :Compute the days' sales in receivables at the end of the year.
2. Gibson Company has net sales of $3,500,000 and average gross receivables of $324,000.
Required: Compute the accounts receivable turnover.