Answer:
2021 = 9.2 times
2022 = 10.4 times
Explanation:
Accounts receivable turnover measure the average times the company received their receivable, It measure the efficiency of the company regarding collection from customers. Turnover will be higher if company has low ratio of receivables to sales value.
2022 2021
Average accounts receivable $539,000 $577,000
Net sales on account $5,605,600 $5,308,400
Accounts receivable turnover = Net Sales / Average Receivable
2021
Accounts receivable turnover = $5,308,400 / $577,000
Accounts receivable turnover = 9.2 times
2021
Accounts receivable turnover = $5,605,600 / $539,000
Accounts receivable turnover = 10.4 times