Indigo Books & Music Inc. (Indigo)-like all other businesses-makes adjusting entries prior to year end to measure

Question:

Indigo Books & Music Inc. (Indigo)-like all other businesses-makes adjusting entries prior to year end to measure assets, liabilities, revenues, and expenses properly.

Required

1. Indigo has accounts receivable of $5,582,000. What types of customers account for these receivables?

2. How many days' sales are in Accounts Receivable at March 29, 2014? Show all calculations. What does this ratio mean to the company?

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...