Please do not give solution in image format thanku Shiplt Corporation reported the following rounded amounts (in millions):2015$ 5,100(290)$4,810$37,200Accounts Receivable.Allowance for Doubtful AccountsAccounts Receivable, Net of AllowanceNet Sales (assume all on credit)Required:Receivables Turnover RatioDays to Collect2016$ 5,3951. Determine the receivables turnover ratio and days to collect for 2016. (Use 365 days in a year. Do not round intermediatecalculations. Round your final answers to 1 decimal place.)timesdays• ImprovementDecline(285)$ 5,110$39,0002. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2015when the turnover was 8.8?

ACCOUNT RECEIVABLE TURNOVER RATIOAccount Receivable Turnover Ratio is the Ratio between Net Sales…

Shiplt Corporation reported the following rounded amounts (in millions): 2015 $ 5,100 (290) $4,810 $37,200 Accounts Receivable. Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance Net Sales (assume all on credit) Receivables Turnover Ratio. Days to Collect 2016 $ 5,395 Required: 1. Determine the receivables turnover ratio and days to collect for 2016. (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 1 decimal place.) times days • Improvement Decline (285) $ 5,110 $39,000 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2015 when the turnover was 8.8?

Shiplt Corporation reported the following rounded amounts (in millions): 2015 $ 5,100 (290) $4,810 $37,200 Accounts Receivable. Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance Net Sales (assume all on credit) Receivables Turnover Ratio. Days to Collect 2016 $ 5,395 Required: 1. Determine the receivables turnover ratio and days to collect for 2016. (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 1 decimal place.) times days • Improvement Decline (285) $ 5,110 $39,000 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2015 when the turnover was 8.8?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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