Exercise 7-5 Accounts Receivable Turnover for Nike The financial statements included in the 2015 Form 10.K of Nike reported the following amounts (in millions of dollars): Revenues, for the year ended May 31, 2015 Accounts receivable, net, May 31, 2015 Accounts receivable, net, May 31, 2014 $30,601 3,358 3,434 Required 1. Compute Nike's accounts receivable turnover ratio for the year ended May 31, 2015. 2. What is the average collection period in days for an account rececivable? Explain your answer Assume that all sales are on credit.) ive some examples of the types of customers you would expect Nike to have. Do you think the average collection period for sales to these customers is reasonable? What other in tion do you need to fully answer that question? 3. G