Xavier Stores Company and Lestrade Stores, Inc., are large retail department stores. Both companies offer credit to

Question:

Xavier Stores Company and Lestrade Stores, Inc., are large retail department stores. Both companies offer credit to their customers through their own credit card operations. Information from the financial statements for both companies for two recent years is as follows (all numbers are in millions):

(a) Determine the(1) Accounts receivable turnover and(2) The number of days' sales in receivables for both companies. Round to one decimal place(b) Compare the two companies with regard to their credit cardpolicies.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...