Question
Using Apple's 2016 10-K What was Apple's accounts receivable turnover (rounded to two decimal places) in 2015 and 2016? (Accounts receivable were $17,460,000,000 at the
Using Apple's 2016 10-K What was Apple's accounts receivable turnover (rounded to two decimal places) in 2015 and 2016? (Accounts receivable were $17,460,000,000 at the end of 2014.)
I'm not sure if I did it right.
Accounts Receivable turnover ratio: = Net Sales/Average Accounts Receivable.
2015
($17460 million + $16,849 million)/2 =$17154.5 million
Net Sales: $233,715 million/$17,154.5=13.62
My Answer: 2015 - 13.62 times.
2016
($16,849 million +$15,754 million)/2 = 16,301.5
Net sales: $215,639/16,301.5 = 13.22
My answer for 2016: 13.22
Please help and explain how to solve this.
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