E6-25 (Algo) Computing and Interpreting the Receivables Turnover Ratio L06-3 A recent annual report for Libby, Inc. contained the following data: Accounts receivable Less: Allowances Net accounts receivable Net sales (assume all on credit) (dollars in thousands) Current Year Previous Year $ 4,753,000 $ 6,024,000 115,000 122,000 $ 4,638,000 $5,902,000 $ 63,101,000 Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. (Use 365 days a year. Do not round intermediate calculations. Enter your answers in thousands not in dollars.) Receivables Turnover Ratio Numerator times Denominator Average Days Sales in Receivables Numerator Denominator days