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                  LestradeSales                                                             $8,500,000            $4,585,000Credit card receivables—beginning               820,000                 600,000Credit card receviables—ending                    880,000                  710,000a. Determine the (1) accounts receivable turnover and (2) the number of days’ sales in receivables for both companies. Round to one decimal place.b. Compare the two companies with regard to their credit card policies.

A company had the following sales transactions: 1. Total debit card sales = $280,000. 2. Total credit card sales = $410,000. 3. Total cash sales = $840,000. 4. Total check sales = $160,000. There is a charge of 3% on all credit card transactions. There is no charge on debit card transactions. Calculate total sales revenue recorded for the year. Sales revenue

The Carhart Corporation sells on credit terms of net 25. Its accounts are, on average, 8 days past due. If annual credit sales are $6 million, what is the company's balance sheet amount in accounts receivable?     Multiple Choice   O $569,589.04   O $515,342.47   O $279,452.05

Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 Sold $1,354,200 of merchandise on credit (that had cost $977,000), terms n/30. Wrote off $20,100 of uncollectible accounts receivable. Received $670,600 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.60% of accounts receivable would be uncollectible.  Year 2 Sold $1,569,600 of merchandise (that had cost $1,341,800) on credit, terms n/30. Wrote off $32,600 of uncollectible accounts receivable. Received $1,225,700 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.60% of accounts receivable would be uncollectible. Required:Prepare journal entries to record Liang’s Year 1 and Year 2 summarized transactions and its year-end…