Problem:
Pujols Lumber Yard has a current accounts receivable balance of $447,016. Credit sales for the year just ended were $4,950,605.
Required:
Question 1: What is the receivables turnover?
Question 2: What is the days' sales in receivables?
Question 3: How long did it take on average for credit customers to pay off their accounts during the past year?
Note: Please show how you came up with the solution.