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Problem - 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 receivables-beginning
820,000
600,000
Credit card receviables-ending
880,000
710,000
Required -
a1. Determine the (1) accounts receivable turnover. Round to one decimal place.
a2. Determine (2) the number of days' sales in receivables for both companies. Round to one decimal place.
b. Compare the two companies with regard to their credit card policies.
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