The following information was taken from annual reports of Goodyear Tire & Rubber and PPL...
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Accounting
The following information was taken from annual reports of Goodyear Tire & Rubber and PPL Corp. , a public utility :
Goodyear PPL
Net sales $ 18.1 billion $ 11.5
Average accounts receivable 2.3 billion 923 million
a. Compute for each company the accounts receivable turnover rate for the year .
b. Compute for each company the average number of days required to collect outstanding receiv- ables (round answers to nearest whole day ).
c. Explain why the figures computed for Goodyear in parts a and b are so different from those computed for PPL.
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