Apple Computer, Inc., designs, manufactures, and markets personal computers and related personal computing and communicating solutions for sale primarily to education, creative, consumer, and business customers. Substantially all of the company's net sales over the last five years are from sales of its Apple Macintosh line of personal computers and related software and peripherals. For the fiscal years ending September 24, 2005 and September 25, 2004, Apple reported the following (in millions):

Assume that the accounts receivable (in millions) were $766 at the beginning of 2004.
1. Compute the accounts receivable turnover for 2005 and 2004. Round to one decimal place.
2. Compute the days' sales in receivables at the end of 2005 and 2004.
3. What conclusions can be drawn from (1) and (2) regarding Apple's efficiency in collecting receivables?
4. Using the Internet, access the Apple September 25, 2004, 10-K filing with the Securities and Exchange Commission. You can use the PricewaterhouseCoopers Web site at edgarscan.pwcglobal.com to search for company filings by name. Search the 10-K filing for the term "receivable." Identify one company that had accounts receivable with Apple at the end of fiscal years 2005 and2004.

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Year Ending Sept. 24, 200s Sept. 25, 2004 Net sales Accounts receivable at end of year $13,931 895 8,279 774