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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 $295,650 $412,450
Credit card receivables-beginning 33,020 69,080
Credit card receivables-ending 27,568 53,186
Question 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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