Use the following information from the financial statements of Hewlett Packard
Use the following information from the financial statements of Hewlett-Packard Company (HP) to answer the questions:


1. Does HP have significant credit sales? If so, what evidence supports your opinion?
2. Sales for the fiscal year ending on October 31, 2008, were $117,994 (in millions). Compute the accounts receivable turnover ratio and comment on what it tells you about HP’s credit and collection policies.
3. Can you tell what bad debts expense was for the fiscal year ending October 31, 2008?Explain.
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