Brief Exercise 18-11 b (Essay) The following data are taken from the financial statements of Colby Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 2020 $550,000 4,300,000 2018 $540,000 4,000,000 Accounts Receivable turnover Average collection period 2020 2019 7.9 times 7.5 times 46.2 days 48.7 days (b) What conclusions about the management of accounts receivable can be drawn from the ad Click if you would like to Show Work for this question: Open Show Work!

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