Accounts Receivable Turnover for Morningstar

The 2015 annual report of Morningstar (the maker of Circus-o's and Crunch'ems) reported the following amounts (in millions of dollars):

Revenues, for the year ended May 31, 2015	$15,690
Accounts receivable, net, May 31, 2015	953
Accounts receivable, net, May 31, 2014	1,082

Required:

1. Compute Morningstars accounts receivable turnover ratio for the year ended May 31, 2015. Assume that all sales are on credit. Round your answer to two decimal places. times 2. What is the average collection period in days for an account receivable. (assuming 360 in a year) Round the final answer to the nearest number. days

3a. Which of the following would be the types of customers that Morningstar would have:

1. Grocery wholesalers
2. Grocery chains
3. Institutional food services
4. All of the above

3b. Select the answer that would be helpful to determine if the average collection period for sales is reasonable:

1. Industry comparisons
2. Prior years comparisons
3. Credit terms
4. All of the above would be helpful