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
Related questions
Question
![Express Companies reported the following rounded amounts (in millions):
2019
2018
$ 5,375
(275)
$ 5,100
$ 5,080
(280)
Accounts Receivable
Allowance for Doubtful Accounts
Accounts Receivable, Net of Allowance
$ 4,800
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
Required 1
Required 2 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb0d056bc-61c4-4794-986b-74b38044091c%2F400032d0-8eb5-4717-9c59-69a8470b407f%2Fkot1p15_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Express Companies reported the following rounded amounts (in millions):
2019
2018
$ 5,375
(275)
$ 5,100
$ 5,080
(280)
Accounts Receivable
Allowance for Doubtful Accounts
Accounts Receivable, Net of Allowance
$ 4,800
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
Required 1
Required 2 >
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