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Determine the accounts receivable turnover

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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.

Reference no: EM132323860

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