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Compute richards and james receivable turnover ratio

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Question - Richards & James is a multinational corporation that manufactures and markets many household products. Last year, sales for the company were $76,484 (all amounts in millions). The annual report did not disclose the amount of credit sales, so we will assume that 80 percent of sales were on credit. The average gross profit on sales was 45 percent. Additional account balances were:

Ending Beginning

Accounts receivable (net) $6,637 $5,730

Inventory 6,825 6,295

Required:

1. Compute Richards & James receivable turnover ratio and its inventory turnover ratio.

2. How many days does it take for the Company to collect its accounts receivable and sell its inventory.

Reference no: EM131987661

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