Express Companies reported the following rounded amounts (in millions): 2019 2018 $ 5,375 (275) $ 5,080 (280) $ 4,800 Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance $ 5,100 Net Sales (assume all on credit) $ 38,500 $ 37,000 Required: 1. Determine the receivables turnover ratio and days to collect for 2019. 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2018, when the turnover was 9.1? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the receivables turnover ratio and days to collect for 2019. (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 1 decimal place.) Receivables Turnover Ratio times Days to Collect days
Express Companies reported the following rounded amounts (in millions): 2019 2018 $ 5,375 (275) $ 5,080 (280) $ 4,800 Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance $ 5,100 Net Sales (assume all on credit) $ 38,500 $ 37,000 Required: 1. Determine the receivables turnover ratio and days to collect for 2019. 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2018, when the turnover was 9.1? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the receivables turnover ratio and days to collect for 2019. (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 1 decimal place.) Receivables Turnover Ratio times Days to Collect days
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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