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.) |
| Receivables Turnover Ratio | times | |
| Days to Collect | days | |
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Financial Accounting Tools for business decision making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th Edition
978-1119191674, 047053477X, 111919167X, 978-0470534779
