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What is the average collection period in days

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Question - Accounts Receivable Turnover for Rise-n-shine Company

The 2015 annual report of Rise-n-shine Company (the maker of Bran-dees and Munch'ems) reported the following amounts (in millions of dollars):

Revenues, for the year ended May 31, 2015 $15,760

Accounts receivable, net, May 31, 2015 $953

Accounts receivable, net, May 31, 2014 $1,082

Required -

1. Compute Rise-n-shine Company's accounts receivable turnover ratio for the year ended May 31, 2015. Assume that all sales are on credit. Round your answer to two decimal places.

2. What is the average collection period in days for an account receivable. (assuming 360 in a year) Round the final answer to the nearest number.

Reference no: EM132636510

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