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Question
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 $262,800 $368,650
Credit card receivables-beginning 35,238 58,663
Credit card receivables-ending 29,418 45,165
a. Determine the accounts receivable turnover and the number of days' sales in receivables for both companies. Round answers to one decimal place. Assume 365 days a year.
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