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Packaging Corporation of America produces containerboard and white papers. WestRock Co. manufactures paper products and corrugated products. Financial statement data for these two companies
Packaging Corporation of America produces containerboard and white papers. WestRock Co. manufactures paper products and corrugated products. Financial statement data for these two companies follow: Packaging Corporation of America (S in millions of dollars) Sales Accounts receivable at Decenber 31 2015 2016 $5,779.0 689.2 2017 2018 $6,444.9 $ 636.5 $7,014.6 901.9 830.7 MestRock Co. ( in millions of dollars) Sales 2016 $14,171.8 1,592.2 12015 2017 2018 $14,859.7 Accounts receivable at Decenber 31 $16, 285.1 2,010.7 $1,575.4 Source: Computed from amounts in the Packaging Corporation of America and WestRock Co. Form 10 Ks for 2014-2018. In 2015 and 2016, WestRock was known as WRKCO., Inc. Required: 1. Determine the receivables turnover ratios for both companies for 2016, 2017, and 2018. (Use 365 days in a year. Do not round intermediate calculations. Round your answers to 1 decimal place.) 2. Which company collected its accounts receivable more quickly in 2018? 1. Packaging Corporation of America Turnover 2016 2017 2018 WestRock Co 2016 2017 2018 2 Accounts collected more quickly from
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