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Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Receivable $1,705 5,616 519 Ending Accounts Receivable $2,652 6,144 5 55 Walco TarMart
Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Receivable $1,705 5,616 519 Ending Accounts Receivable $2,652 6,144 5 55 Walco TarMart CostGet Net Sales $311, 427 56,878 57,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. (Do not round intermediate calculations. Enter your answers in millions. Round your "Average accounts receivable" and "Receivables turnover ratio" answers to one decimal place.) Receivables Turnover Ratio 1 = Walco TarMart Receivables turnover ratio times times times CostGet Average Collection Period Walco Average collection period days days days TarMart CostGet
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