The 2017 financial statements of LVMH Moet Hennessey-Louis Vuitton S.A. are presented in Appendix C at the end of this book. LVMH is a Paris-based holding company and one of the world's largest and best-known luxury goods companies. As a member of the European Union, French companies are required to prepare their consolidated (group) financial statements using International Financial Reporting Standards (IFRS). At year-end 2017 (2016), LVMH's allowance account was 343 (294) million euros. After reviewing LVMH's consolidated financial statements, consider the following questions. (Additional information can be found in LVMH's complete annual report provided on this book's Website.)

Required

a. What was the gross amount of Trade and Other Receivables at fiscal year-end 2016 and 2017?

b. What percent of total trade and other receivables were the provision for impairment and the provision for product returns combined as of the end of 2016 and 2017?

c. Calculate the accounts receivable turnover and the average collection period for the company for 2016 and 2017.

d. Comment on whether LVMH's management of its trade receivables improved (or not) over the two-year period.