Current Attempt in Progress X Your answer is incorrect. Presented here is basic...
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Accounting
Current Attempt in Progress X Your answer is incorrect. Presented here is basic financial information (in millions) from the annual reports of Cullumber and Pharoah. Cullumber Pharoah Sales $ 22,000 $ 14,100 Allowance for doubtful accounts, Jan. 1 82.0 114 Allowance for doubtful accounts, Dec. 31 88.0 120 Accounts receivable balance (gross), Jan. 1 2,500.0 1,900 Accounts receivable balance (gross), Dec. 31 2,800.0 1,400 Calculate the accounts receivable turnover and average collection period for both companies. (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) Cullumber Pharoah Accounts receivable turnover 8.3 times 8.5 times Average collection period 44.0 days 42.9 days e Textbook and Media
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