Accounts Receivable Analysis Xavier Stores Company and Lestrade Stores Inc. are large retail department stores....
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Accounting
Accounts Receivable Analysis
Xavier Stores Company and Lestrade Stores Inc. are large retail department stores. Both companies offer credit to their customers through their own credit card operations. Information from the financial statements for both companies for two recent years is as follows (in millions):
| Xavier | Lestrade | |||
| Sales | $8,500,000 | $4,585,000 | ||
| Credit card receivablesbeginning | 820,000 | 600,000 | ||
| Credit card receviablesending | 880,000 | 710,000 | ||
14-9a. Determine the (1) accounts receivable turnover and (2) the number of days' sales in receivables for both companies. Round your calculations and answers to one decimal place. Assume 365 days a year.
| Xavier | Lestrade | |||
| 1. Accounts receivable turnover | ||||
| 2. Number of days' sales in receivables | days | days | ||
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