Question
The 2015 annual report of Serial Corp. (the maker of Yumm-o's and Whee-tos) reported the following amounts (in millions of dollars): Revenues, for the year
The 2015 annual report of Serial Corp. (the maker of Yumm-o's and Whee-tos) reported the following amounts (in millions of dollars): Revenues, for the year ended May 31, 2015 $14,560 Accounts receivable, net, May 31, 2015 953 Accounts receivable, net, May 31, 2014 1,082 Required: Compute Serial Corp.s accounts receivable turnover ratio for the year ended May 31, 2015. Assume that all sales are on credit. Round your answer to two decimal places. What is the average collection period in days for an account receivable. (assuming 360 in a year) Round the final answer to the nearest number.
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