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Accounts Receivable Analysis 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 (in millions): Sales Credit card receivables-beginning Credit card receivables-ending Xavier Lestrade $277,400 $386,900 50,284 41,980 43,001 33,107 a. Determine the (1) accounts receivable turnover and (2) the number of days' sales in receivables for both companies. Round answers to one decimal place. Assume 365 days a year. 1. Accounts receivable turnover 2. Number of days' sales in receivables Xavier days Lestrade days

Accounts Receivable Analysis 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 (in millions): Sales Credit card receivables-beginning Credit card receivables-ending Xavier Lestrade $277,400 $386,900 50,284 41,980 43,001 33,107 a. Determine the (1) accounts receivable turnover and (2) the number of days' sales in receivables for both companies. Round answers to one decimal place. Assume 365 days a year. 1. Accounts receivable turnover 2. Number of days' sales in receivables Xavier days Lestrade days

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 10E: Accounts receivable analysis Xavier Stores Company and Lestrade Stores Inc. are large retail...
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Accounts Receivable Analysis 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 (in millions): Sales Credit card receivables-beginning Credit card receivables-ending Xavier Lestrade $277,400 $386,900 50,284 41,980 43,001 33,107 a. Determine the (1) accounts receivable turnover and (2) the number of days' sales in receivables for both companies. Round answers to one decimal place. Assume 365 days a year. 1. Accounts receivable turnover 2. Number of days' sales in receivables Xavier days Lestrade days
Transcribed Image Text:Accounts Receivable Analysis 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 (in millions): Sales Credit card receivables-beginning Credit card receivables-ending Xavier Lestrade $277,400 $386,900 50,284 41,980 43,001 33,107 a. Determine the (1) accounts receivable turnover and (2) the number of days' sales in receivables for both companies. Round answers to one decimal place. Assume 365 days a year. 1. Accounts receivable turnover 2. Number of days' sales in receivables Xavier days Lestrade days
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