E8-16 Analyzing and Interpreting Receivables Turnover Ratio and Days to Collect [LO 8-4) Shiplt Corporation...
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E8-16 Analyzing and Interpreting Receivables Turnover Ratio and Days to Collect [LO 8-4) Shiplt Corporation reported the following rounded amounts (in millions): Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance Net Sales (assume all on credit) 2016 $ 5, 415 (295) $ 5,120 $40,000 2015 $ 5,1207 (300 $4,820 $38,500 Required: 1. Determine the receivables turnover ratio and days to collect for 2016. (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 1 decimal place.) Answer is complete but not entirely correct. Receivables Turnover Ratio Days to Collect 7.8 3 times 48.8 % days
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