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alculate the receivables turnover ratio and the average collection period for walc TarMart and CostGet. (Do no

alculate the receivables turnover ratio and the average collection period for walc TarMart and CostGet. (Do no

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Below are amounts (in millions) from three companies' annual reports. Ending Accounts Receivable WalCo TarMart CostGet WalCo $ TarMart CostGet Beginning Accounts Receivable $1,635 5,266 449 WalCo TarMart CostGet $2,582 5,794 485 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. (Do not round intermediate calculations. Enter your answers in millions. Round your "Average accounts receivable" and "Receivables turnover ratio" answers to one decimal place.) Net Sales $304,427 49,878 50,963 304,427 Receivables Turnover Ratio Average Collection Period Receivables turnover ratio 0 times 0 times 0 times Average collection period days days 0 days
Transcribed Image Text:Below are amounts (in millions) from three companies' annual reports. Ending Accounts Receivable WalCo TarMart CostGet WalCo $ TarMart CostGet Beginning Accounts Receivable $1,635 5,266 449 WalCo TarMart CostGet $2,582 5,794 485 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. (Do not round intermediate calculations. Enter your answers in millions. Round your "Average accounts receivable" and "Receivables turnover ratio" answers to one decimal place.) Net Sales $304,427 49,878 50,963 304,427 Receivables Turnover Ratio Average Collection Period Receivables turnover ratio 0 times 0 times 0 times Average collection period days days 0 days
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