Compute the accounts receivable turnover for the year ended

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Reference no: EM13900528

May Department Stores is a large retailer that operates such brands as Hecht's, Lord & Taylor, Marshall Field's, and David's Bridal. May reported the following data (in millions) for fiscal years ending:

Jan. 29, 2005 Jan. 31, 2004

Net sales $14,441 $13,343

Accounts receivable 2,294 1,788

Assume that accounts receivable (in millions) were $1,776 on January 31, 2003.

a. Compute the accounts receivable turnover for the year ended January 29, 2005, and the year ended January 31, 2004. Round to one decimal place.

b. What conclusions can be drawn from these analyses regarding May Department Stores' efficiency in collecting receivables?

Reference no: EM13900528

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