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ShipIt Corporation reported the following rounded amounts (in millions): May 31 2013 2012 Accounts Receivable $ 5,375 $ 5,080 Allowance for Doubtful Accounts (275) (280)
| ShipIt Corporation reported the following rounded amounts (in millions): |
| May 31 | 2013 | 2012 | ||||
| Accounts Receivable | $ | 5,375 | $ | 5,080 | ||
| Allowance for Doubtful Accounts | (275) | (280) | ||||
| Accounts Receivable, Net of Allowance | $ | 5,100 | $ | 4,800 | ||
| Net Sales (assume all on credit) | $ | 38,500 | $ | 37,000 | ||
| 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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