I wanna know the answers and process. All help appreciated. E8-16 Analyzing...
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I wanna know the answers and process. All help appreciated.
E8-16 Analyzing and Interpreting Receivables Turnover Ratio and Days to Collect [LO 8-4) Shipit 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 $ 5.335 (255) $ 5,080 $48.500 2015 $ 5,040 (260) $ 4.780 $46, 700 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.) Receivables Turnover Ratio Days to Collect times days 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2015 when the turnover was 10.8? Improvement Decline
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