Shiplt Corporation reported the following rounded amounts (in millions): 2015 $ 5,160 (320) 2016 Accounts Receivable Allowance for Doubtful Accounts $ 5,455 (315) Accounts Receivable, Net of $ 5,140 $ 4,840 Allowance Net Sales (assume all on credit) $41,000 $39,500 Required: 1. Determine the receivables turnover ratio and days to collect for 2016. (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 1 decimal place.) times days Receivables Turnover Ratio Days to Collect 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2015 when the turnover was 9.7?

Shiplt Corporation reported the following rounded amounts (in millions): 2015 $ 5,160 (320) 2016 Accounts Receivable Allowance for Doubtful Accounts $ 5,455 (315) Accounts Receivable, Net of $ 5,140 $ 4,840 Allowance Net Sales (assume all on credit) $41,000 $39,500 Required: 1. Determine the receivables turnover ratio and days to collect for 2016. (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 1 decimal place.) times days Receivables Turnover Ratio Days to Collect 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2015 when the turnover was 9.7?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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