Question
ShipIt Corporation reported the following rounded amounts (in millions): May 31 2013 2012 Accounts Receivable $ 5,275 $ 4,980 Allowance for Doubtful Accounts (225) (230)
ShipIt Corporation reported the following rounded amounts (in millions):
| May 31 | 2013 | 2012 | ||||
| Accounts Receivable | $ | 5,275 | $ | 4,980 | ||
| Allowance for Doubtful Accounts | (225) | (230) | ||||
| Accounts Receivable, Net of Allowance | $ | 5,050 | $ | 4,750 | ||
| Net Sales (assume all on credit) | $ | 46,500 | $ | 45,200 | ||
| Required: | ||||||||||
| 1. | Determine the receivables turnover ratio and days to collect for 2013. (Use 365 days in a year. Do not round your intermediate calculations. Round your answers to 1 decimal place.) | |||||||||
| ||||||||||
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Corporate Governance A Pragmatic Guide For Auditors Directors Investors And Accountants Internal Audit And IT Audit
Authors: Vasant Raval
1st Edition
0367862751, 978-0367862756
