Question: Fast & Now Incorporated reported the following rounded amounts (in millions): Accounts Receivable Allowance for Doubtful Accounts Net Sales (assume all on credit) Accounts
Fast & Now Incorporated reported the following rounded amounts (in millions): Accounts Receivable Allowance for Doubtful Accounts Net Sales (assume all on credit) Accounts Receivable, Net of Allowance $ 43,500 $ 42,000 2019 $ 5,535 (355) $ 5,180 2018 $ 5,240 (360) $ 4,880 Required: 1. Determine the receivables turnover ratio and days to collect for 2019. 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2018, when the turnover was 9.7? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the receivables turnover ratio and days to collect for 2019. (Use 365 days in a yea calculations. Round your final answers to 1 decimal place.) Receivables Turnover Ratio Days to Collect times days < Required 1 Required 2 >
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