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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 34
Analyzing Allowance for Doubtful Accounts, Receivables Turnover Ratio, and Days to Collect
Walmart and Target are two of the largest and most successful retail chains in the world. To evaluate their ability to collect on credit sales, consider the following information reported in their annual reports (amounts in millions).
Required:
1. Calculate the receivables turnover ratios and days to collect for Walmart and Target for the years ended January 31, 2011 and 2010. (Round to one decimal place.)
2. Which of the companies is quicker to convert its receivables into cash
Walmart and Target are two of the largest and most successful retail chains in the world. To evaluate their ability to collect on credit sales, consider the following information reported in their annual reports (amounts in millions).
Required:
1. Calculate the receivables turnover ratios and days to collect for Walmart and Target for the years ended January 31, 2011 and 2010. (Round to one decimal place.)
2. Which of the companies is quicker to convert its receivables into cash
Explanation
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Verified
1.
The receivables turnover ratio is cal...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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