The following data were taken from The Candy Corporation's 2018 annual report. All dollar amounts are in millions. Fiscal Years Ending December 31, 2018 $8,000 618 December 31, 2017 $7,600 612 Sales Accounts receivable Required a. Compute Candy's accounts receivable turnover ratios for 2018 and 2017. (Round your answers to 1 decimal place.) D. Compute Candy's average days to collect accounts receivables for 2018 and 2017. (Do not round intermediate calculati your answers to the nearest whole number.) C. Based on the ratios computed in Requirements a and b, did Candy's performance get better or worse from 2017 to 2018 H. Assume it took Candy 30 days to collect its receivables. Using an interest rate of 2.0 percent, calculate how much it cost finance its receivables for 30 days in 2018. (Do not round intermediate calculations. Enter your answers in millions of

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Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.  

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.